# You are a junior executive of a new cellular phone carrier

Question # 00850876 Posted By: wildcraft Updated on: 02/17/2024 01:10 AM Due on: 02/17/2024
Subject Economics Topic General Economics Tutorials:
Question

Supply And Demand Graph And Analysis

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.

Price

Quantity Demanded

Quantity Supplied

500

1200

200

600

1100

300

700

1000

400

800

900

500

900

800

600

1000

700

700

1100

600

800

1200

500

900

1300

400

1000

1400

300

1100

1500

200

1200

Tutorials for this Question
1. ## Solution: You are a junior executive of a new cellular phone carrier

Tutorial # 00846352 Posted By: wildcraft Posted on: 02/17/2024 01:11 AM
Puchased By: 2
Tutorial Preview
The solution of You are a junior executive of a new cellular phone carrier...
Attachments
You_are_a_junior_executive_of_a_new_cellular_phone_carrier.ZIP (18.96 KB)

Great! We have found the solution of this question!