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.

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