Week 1 Project - ECO2071.docx - ABC Plastics 20000 18000...

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24 22 20 18 16 14 12 10 8 6 4 2 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 ABC Plastics Tablet Cases Quantity Demanded Tablet Cases Quantity Supplied This graph illustrates how the quantity of the tablet cases that were demanded changed as its price varied. When the price was lowered the quantity demanded increases, so any changes reduces the quantity at every price shift, which creates a decrease in the demand. While the amount of goods that sellers are willing and able to sell or known as the supply, the quantity of the goods supplied will rise when the price of the good rises. The equilibrium price is $12.00 and quantity in this market is 12000. If the government imposed a price floor of $16 in the tablet case market, the supply would be greater than the demand. If the price floor were removed and a price ceiling is imposed at $8.00, the demand would be greater than the supply.
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