Changes in Supply and Demand

Assignment No. 4: Changes in Supply and Demand (20 points maximum, less 20% late penalty per day after the due date).

Changes in Supply and Demand

MLA – CITATIONS:

Let us take another look at the supply and demand of widgets as outlined in our previous Assignment No. 3:

1. Use Excel charts to show how the supply and demand curves would shift if the sellers would all of a sudden be willing to sell 4 additional units (beyond what the above table suggests) at any given price, and at the same time that the buyers would reduce the amount that they would be willing to buy at any given price by 5 units. What would be the new equilibrium price and quantity after this happens?
2. What might have caused the changes in supply and demand outlined in part A? Write a short essay that outlines the various reasons (i) why demand might possibly decrease in this manner and also (ii) why supply might increase this way. Your essay should incorporate your supply and demand excel chart that shows the shifts of the supply and demand curves, and you should tie that chart to your answer.

Note that you must upload your answer as one single Word or pdf file that will be reviewed by Turnitin for originality.

Note that this essay assignment will be reviewed for originality using Turnitin. While you do not have to confirm to any particular citation style, all direct quotes must be identified by quotation marks, along with a citation that identifies the source of the quote in question:

ORIGINALITY:

The assignment must be your own original work and it must be written specifically for this class. The assignment will be checked for originality using turnitin.com. Any citation omissions will affect your assignment grade, but significantly plagiarized assignments will receive a grade of zero, with no exceptions and with no do-overs.

CITATIONS:

You must cite all your sources.

PROPER QUOTATIONS & QUOTATION MARKS:

You must use quotation marks, or else use indented blocks, to identify all quotations. It is OK to paraphrase and not use direct quotes only when your language is completely different from the original, but you must still give proper credit to your sources. It is not OK to just insert a few words of your own into another writer’s text and then appropriate it without using quotation marks.