800-1000 words plus graphsDetails:
Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate.
For this part of the assignment, we will focus on the demand curve. Draw the demand curve for the A-Phone. Explain how the graph, price, and quantity demanded will change if the following occurs:
What happens to the supply of cell phones if the market price goes up?
For this part of the assignment, we will focus on the supply curve. Explain what happens to the price and quantity supplied and how it reflects on a graph if the following occurs:
For this part of the assignment, we are going to focus on demand and supply on the same graph. Draw a graph which shows the equilibrium price of cell phones. Explain what the graph is showing.
When the new manufacturer introduces the Robo cell phone to the market, how does that affect the equilibrium price if the Robo is basically the same as the other cell phones?
As the public’s dependence on cell phones continues to grow, the cost of the phones may be decreasing, but the stronghold that telecommunication companies have on the public in regards to contracts and climbing fees is alarming.
Additionally, all cell phone companies charge about the same prices, and the consumers do not have much choice in substituting providers. Consumers appear to need some controls in this regard, and the government decides to step in.
On the other hand, the government sees the increase in cell phone use as an opportunity to make some additional revenue, and it decides to tax service providers.