1. Supply and demand for 55 LED TVs in 2016 Quantity Demanded Price Quantity Supplied Size...

 

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1. Supply and demand for 55" LED TVs in 2016 Quantity Demanded Price Quantity Supplied Size of Surplus (+) or Shortage (-) 400 $400.00 100 350 $500.00 125 300 $600.00 150 250 $700.00 175 200 $800.00 200 150 $900.00 225 a) Graph the Supply and Demand curves on graph paper, label everything! Once you are done, look at the checklist on the Week 2 Application Assignment AA to see if you missed anything. b) Find the equilibrium price and quantity (use your graph, but write them down in words so that I know that you know). Explain in detail why $500 is NOT the equilibrium price using information from the table. Once you are done, look at the checklist on the Week 2 Application Assignment AA to see if you missed anything. c) Between 2016 and 2020, the most important change in the market for TVs had to do with improvements in the technology used for manufacturing TVs. New technology has reduced the cost per square foot of manufacturing screens every year for the past 20 years. Use your model to predict changes in equilibrium price and quantity caused by this change. Show the impact on your graph and summarize your results. 1. Supply and demand for 55" LED TVs in 2016 Quantity Demanded Price Quantity Supplied Size of Surplus (+) or Shortage (-) 400 $400.00 100 350 $500.00 125 300 $600.00 150 250 $700.00 175 200 $800.00 200 150 $900.00 225 a) Graph the Supply and Demand curves on graph paper, label everything! Once you are done, look at the checklist on the Week 2 Application Assignment AA to see if you missed anything. b) Find the equilibrium price and quantity (use your graph, but write them down in words so that I know that you know). Explain in detail why $500 is NOT the equilibrium price using information from the table. Once you are done, look at the checklist on the Week 2 Application Assignment AA to see if you missed anything. c) Between 2016 and 2020, the most important change in the market for TVs had to do with improvements in the technology used for manufacturing TVs. New technology has reduced the cost per square foot of manufacturing screens every year for the past 20 years. Use your model to predict changes in equilibrium price and quantity caused by this change. Show the impact on your graph and summarize your results.