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Graphing Assignment # 2 – check Blackboard for the due date – This is copyrighte
Graphing Assignment # 2 – check Blackboard for the due date – This is copyrighted material. You are given the following information about the Goodell Cargo Shipping Company, Inc. in Rochester, Minnesota. The graph you are about to construct will appear as the 3rd graph in your presentation to the Board of Directors as they try to get a handle on the supply and demand for their cargo shipping. This is copyrighted material. From 2009-2022, the prices of their cargo shipping measured in $100’s of US Dollars, was: 80, 70, 60, 50, 40, 30, 20, and 10. During that time, the corresponding amounts that the Goodell Corporation was willing to sell at those same prices, the quantity supplied, measured in 1,000’s of shipments was: 16, 14, 12, 10, 8, 6, 4, and 2. Meanwhile, the amount that consumers were willing to purchase at those same prices, the quantity demanded, also measured in 1,000’s of units, was: 1, 3, 5, 7, 9, 11, 13, and 15. The production data was retrieved from Fortune magazine, the October 1, 2023 edition on pages 67-70 in an article written by Joseph Vassar,entitled “How Much Cargo Can One Firm Ship?” This is copyrighted material. This is copyrighted material. a. In one clearly constructed, legible, and properly labeled graph created using Excel, construct the supply and demand curves that correspond to the provided data. (45 pts). This is copyrighted material. b. Referencing the curves constructed in part A, clearly state the equilibrium price and quantity. Provide actual numbers and state where they are in your graph. (3 pts). This is copyrighted material. c. Assume that there is then a change in supply, the supply increases, in the marketplace. State what would happen the equilibrium price and quantity now? And where did the curve shift on the graph? Be specific where it shifted (5 pts). This is copyrighted material. d. Again, based on what has happened in part c, and using your knowledge of the determinants of supply and demand, and referencing only the curves in part A, offer one concrete cause as to why that supply may have moved in the direction it did. Be specific. Give a real-world answer/example. Offering answers that are generic and/or are already used in the textbook will not be worth much in terms of points. (7 pts). This is copyrighted material. Graphs for this assignment must be properly constructed and created using Excel. Prepare your assignment as a Word document with embedded Excel charts. Number each step of the assignment. The assignment may be submitted to Turnitin as a Word or .pdf document. Be sure to include your name at the top of the assignment before submitting. This graphing assignment is worth 60 points. This is copyrighted material
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