EQUILIBRIUM, SUPPLY AND DEMAND

Managerial Economics . Session Long Project 1 . Using the Data Supplied, create a supply and demand graph for the product. Highlight the data in the table. Click Insert on the Menu. Select Scatter Chart. 1. You can also Change the style of the chart – See Chart Styles. 2. Click the chart and the PLUS button to add elements. 3. Add axis titles and a chart title. Research and Application . Describe the relationship and state the equilibrium. Discuss the importance of equilibrium. (Research required) . Resear ch the product from an economic standpoint. • Describe what has occurred with the product over the last year and future projections for the product. Select information pertinent to economics. This section must be 3/4 of a page in length. (Research required ). Describe two scenarios in which this product’s demand and supply change. • How do each affect buyers and sellers? • Discuss implications of shortage and surplus given the current state of the product market and future forecasts. This section must be 1 to 1/2 pages in length. (Research required) .

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