Week 2: Market Forces of Supply and Demand on: Surplus and Shortage Problem #1 Due Date: Due by the end of Week 2 at 11:59 pm, ET. In any market, demand is used to study the behavior of buyers, and supply is used to study the behavior of sellers and producers. In order to study the behaviors of buyers and sellers, you will use the beans market for your Homework Problem to determine the market demand and market supply. Demand and supply curves explain the relationship between price and quantity. Because there is a law that guides market demand and supply, the demand and supply curve shifts. This law of demand and supply assumes that every factor that affects market demand and market supply, other than price, is constant. Factors that are held constant for market demand are: income, price of related good, tastes, expectations, and number of buyers. For supply market, they are: input prices, technology, expectations, and number of sellers. In Problem #1, you need to plot graphs in Excel to show how the demand and supply curve shifts when quantity increases or decreases at given prices. Supply and Demand: The Beans Market View this video to complete the problem below: https://www.youtube.com/watch?v=w-R4BDNxSLU Answer the questions below by using the following schedule for the beans market: Price Quantity Demanded Quantity Supplied $5 50 20 $6 45 25 $7 40 30 $8 35 35 $9 30 40 $10 25 45 $11 20 50 $12 15 55Use the Excel template to graph the demand and supply curves based on the values given in the table above.Assume that the quantity demanded for beans rises by 30 million pounds per month for specific given price. Plot the initial demand and supply curves on a single graph based on given values in the above table. Graph the new demand curve given by this change.Relative to the values given in the above table, let’s assume that the quantity demanded falls by 30 million pounds per month between $5 and $10 per pound; between $10 and $12 per pounds, and the quantity demanded become zero.Plot initial the demand curve given by this change on a single graph.Graph the new demand curve given by this change. Assume that the quantity supplied for beans rises by 30 million pounds per month for specific given price, at the time the value for quantities supplied remain the same as shown in the table above.Plot initial demand and supply curves on a single graph based on given values in the above table. ·Graph the new supply curve given by this change.Relative to the values given in the table above, let’s assume that, the quantity supplied falls by 30 million pounds per month at prices above $8, at a price of $8 or less per pound and the quantity supplied becomes zero. Plot the initial demand and supply curves based on the values given in the table above and new supply curve given by this change on a single graph. * Information must be entered in Excel template*
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