Economics Question

Directions:

Discussion - Supply and Demand Article

Find a current article in the Rasmussen library from the last year that describes the supply and demand of a good or service. In a couple of paragraphs, please address the questions below in your initial post.

• What is the supply and demand for the good or service identified in your article?
• What are the determinants of demand or supply that have affected the good or service?
• What are the possible future outcomes of the good or service identified in your article?
• How do your article findings related to what you have learned in this course?
• Provide the link as well as the author and title of your article.

In your reply post in at least one paragraph, discuss the answers to the above questions found in a peer's initial post. Comment on how his or her findings relate to your article. Comment on how your peer answered the questions and ask any questions you have related to his or her supply and demand analysis.

Part 2 Written Assignment—Supply and Demand Graph and Analysis

1. • Explain supply and demand mechanics and market failures.
   
   You are a junior executive of a new cellular phone carrier called Technologies of the Future (TOF) that competes in the same market as Verizon Wireless, AT&T, and T-Mobile. You have been asked to analyze supply and demand, market equilibrium, and market shortages and surpluses to determine the optimal price for TOF to charge for a phone. The task at hand is to graph the supply and demand curves in Excel using the values given below.Your graph must be properly constructed; please use a scatter graph with markers or a scatter graph with smooth lines. The graph should include a chart title, x-axis, y-axis, and contain a properly labeled equilibrium point.
   • Identify the firm's equilibrium price and quantity in the market.
   • Draw on your graph a price ceiling and a price floor and discuss what those terms mean. Explain which government-mandated price would result in a market shortage and a market surplus and why?
   • Calculate market shortages and market surpluses given the values from the graph based on the prices provided in the Price.docx. Be sure to define a market shortage and a market surplus.
   • Identify and discuss the price TOF should charge for its cellular phones.
   • Describe potential market failures that TOF could experience as a result of government policies.