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. The task at hand is to graph the supply and demand curves in Excel using the values given in the table below.

Price: 500 600 700 800 900 1000 1100 1200 1300 1400 1500

Quantity Demand: 1200 1100 1000 900 800 700 600 500 400 300 200

Quantity Supplied: 200 300 400 500 600 700 800 900 1000 1100 1200

Import the graph into a Word document and address the following.

• Identify the firm's equilibrium price and quantity in the market.
• Calculate market shortages and market surpluses given the values from the graph based on the prices set by TOF. Be sure to define a market shortage and a market surplus.
• Identify and discuss the price TOF should charge for its cellular phones.
• From the graph derived, illustrate producer and consumer surplus. Please determine both producer and consumer surplus.