Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help me Create a market supply/demand graph on excel The graph will be a simple supply and demand graph of a market for pizza slices

help me Create a market supply/demand graph on excel The graph will be a simple supply and demand graph of a market for pizza slices on campus. Use the following data to create this graph:

1. Supply/Demand Data Table Price , Quantity Demanded, Quantity Supplied $4, 7 ,3 $6 6 4 $8 5 5 $10 4 6 $12 3 7

2. Then Update the graph: Now, say an advertising campaign is successful at changing consumer tastes/preferences. We now have a new market demand for pizza on campus! Use the following data to show the second demand curve on this graph: (label your second demand curve as D2)

Supply/Demand Data Table Price Quantity of Pizza Slices Demanded After Advertising $4 8 $6 7.5 $8 7 $10 6.5 $12 6

Answer the Questions based on the previous info.

1. Is the equilibrium price higher or lower after the shift? 2. Is demand more elastic or more inelastic after this successful advertising campaign?

image text in transcribed Demand/Supply Graph in Excel (Assignment 6: Part 2) market for pizza slices on campus 2 3 4 5 6 7 +Demand +Supply +Demand2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Industries Of The Future

Authors: Alec Ross

1st Edition

1476753660, 9781476753669

More Books

Students also viewed these Economics questions

Question

Outline Aquinass methodology.

Answered: 1 week ago

Question

OUTCOME 6 Explain and give examples of diversity management.

Answered: 1 week ago