EQUILIBRIUM, SUPPLY AND DEMAND

Managerial Economics. Case 1. Part 2. Commodity Comparison . Let us use FERTILIZER for this example. Select Phosphate rock . In “Compare to,” select Potassium Chloride. If you selected two commodities that contain data, you will see a graph and table with comparisons. Copy and paste the table in Excel. Comparative Bar Chart for Price. 1. Highlight the Month and 2 columns of Price Data. 2. Select INSERT on the Menu. 3. Scroll over and Click “ Recommended Chart s.” 4. Select Clustered Column. 5. Then click OK. Update your Chart using what you learned in Part 1. Provide a brief description of the chart. Research and Application . The assignment instructions explain what must be included in this section. The Second Chart . Repeat the process for rate of change. Create the Excel Chart and describe it. Add Research and Application. As a conclusion, analyze how the changes in prices shifted demand for finished products of the commodity. • Would consumers buy more of the good? • Buy more of a different good? • Include how substitute and complementary goods were part of the consumer’s decisions. • Include a discussion of how sellers are affected by changes. (Research Required). This section will be 1 page in length.

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