Demand and supply curve in excel

Graph the demand and supply curve for air pods. Show the equilibrium price and quantity on the graph? What are the equilibrium price and equilibrium quantity? Remember, price goes on the y-axis and quantity on the x-axis.
Subject
Economics

Course
ECON 230

School
Regent University

Question Description
ECON 230: Week 2 Assignment:

INSTRUCTIONS (Questions need to be worked on MS Excel. Remember, price goes on the y-axis and quantity on the x-axis. Students need to show full calculations and how answers were derived for a chance at full credit. Use of Excel formulas or Google Sheets are required

Apple collected information on the demand and supply for the air pods in California where the quantities of air pods are measured in thousands.
Price

Qd

Qs

$128

30

18

$138

26

22

$158

24

24

$224

15

30

$282

8

40

a) Graph the demand and supply curve for air pods. Show the equilibrium price and quantity on the graph? What are the equilibrium price and equilibrium quantity? Remember, price goes on the y-axis and quantity on the x-axis. (15points)

b) Add another column and show the surplus and shortage numbers of air pods at all prices (5points)

c) Does this table follow the law of demand and supply? Explain.(5points)

2. Consider the supply and demand schedules below to answer the questions that follow:

(a) Graph the demand and supply curve and show the equilibrium price, equilibrium quantity demanded, and quantity supplied be? (15points)

(b) If price were $3, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.) (5points)

(c) If price were $8, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)-(5points)

(d) If price were $5, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)-(5points)

3. The table below shows the quantity demanded and quantity supplied of DVDs at each price level.