Economics

You are given the following information about the satellite dish (for television/cable reception) market in the USA; specifically, the fictitious Rennert Satellite Corporation, Inc in Albany NY. The graph you are about to construct will appear as the 3rd graph in your presentation to the Rennert Board of Directors as they try to get a handle on the supply and demand for their products. From 1996-2019, the prices of their best-selling Satellite, the TELEGRAPHER Model, measured in $1,000’s of US Dollars, was: 8.0, 6.5, 5.0. 3.5, 2.0, and 0.5, respectively. During that time, the corresponding amounts that Rennert Corporation was willing to produce/sell at those same prices, measured in 100,000s of Satellite dishes was: 11, 9, 7, 5, 3, and 1, respectively. Meanwhile, the amount that consumers were willing to purchase at those same prices, also measured in 100,000s of units, was: 1, 2, 3, 4, 5, and 6, respectively. The production data was retrieved from The Satellite Journal Magazine, in the article “How Many Satellite Dishes is Enough,” in the December 8, 2020 edition in an article written by Bruce Paton. The consumer data was retrieved from Cablevision Digest, in an article written by Rich Mullins, in their April 2020 issue, pages 89-94, “How Many Satellite Dishes Can Consumers Purchase?”
a. In one clearly constructed, legible, and properly labeled graph created using Excel, construct the supply and demand curves based on the data above
b. Referencing the curves constructed in part A, clearly state the equilibrium price and quantity.
c. Using your supply and demand analytical skills, and referencing only the curves constructed in part A, clearly identify the area where surplus exists and where shortage exists.
d. Offer one clear and logical reason why in this market a surplus may have occurred and one clear and logical reason why a shortage may have occurred in this market.
e. Would imposing a price floor help anyone in the market? Whom and why? What about a price ceiling? . How would Dead Weight Loss factor into your answer? Graphs for this assignment must be properly constructed and created using Excel

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