You have been hired by a new firm selling electronic dog feeders. Your client has asked you to gather some data on the supply and demand for the feeder, which is given below, and address several questions regarding the supply and demand for these feeders (SEE ATTACHED)
Your client has asked that you develop a report addressing the following questions so that you can present these findings to their Board of Directors:
Construct a graph showing supply and demand in the electronic dog feeder market, using Microsoft Excel.
How are the laws of supply and demand illustrated in this graph? Explain your answers.
What is the equilibrium price and quantity in this market?
Assume that the government imposes a price floor of $180 in the feeder market. What would happen in this market?
Develop your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes.