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Supply, Demand, and Market Equilibrium

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Determine the extent to which price and nonpricefactors affect the supply and demand of Walmart’s products or services by applying elasticity concepts

Your microeconomic analysis paper should respond to the following prompt:Assess how microeconomic variables impact (1) your chosen product’s or service’s supply, demand, market equilibrium, production, and cost; (2) the market structure of the industry in which Walmart operates; and (3) Walmart’s business strategy and financial performance.

Specifically, the following critical elements must be addressed:

I. Overview: Provide an overview consisting of a brief description of Walmart and your chosen product or service, including the industry the product or service falls under. You should include key details about Walmart, including its main products and/or services, number of employees, and annual sales.

II. Supply, Demand, and Market Equilibrium

a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service?

b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections.

c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections.

d) Define the industry related to your chosen product or service and the market equilibrium associated with the product or service.

e) Predict the effect of changes in supply and demand on the market equilibrium.

f) Based on the predicted changes, what decisions related to supply and demand for your product or service would you make?

 2–3 pages (not including cover page or appendix), double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting.

 
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a product or service produced by Wal-Mart.

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Identify a product or service produced by Wal-Mart. Describe the inputs used to produce this product or service as well as the types of costs involved in its production. Consider the following questions: What factors may affect the mix of inputs used to produce the product or service? To what extent does Wal-Mart benefit from economies of scale? What are the sources of economies of scale for Walmart?

Must be 500 words or more and two sources cited.

 
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Macroeconomic Models

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Please list and define 5 Macroeconomic Models. Thank you.

 
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ECO 500

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Below are data for U.S. DPI and PCE on two major components of consumer spending, motor vehicles and parts and housing and utilities. One is a durable good and the other is comprised of housing and other services and non-durables, such as natural gas purchases. Using scatter diagrams and trendlines, generate graphs showing the relationship of each of the consumption categories to DPI and find the equation of the graph and the R squared. Use your results to answer the questions to the right.
Questions:
a)Plot the data using a scatterplot.
b)Find the equation that shows the relationship between motor vehicles and parts expenditure (PCE) and DPI (insert a linear trendline and show the equation on the scatterplot).
c)Find the equation that shows the relationship between housing and utilities expenditures (PCE) and DPI (insert a linear trendline and show the equation on the scatterplot).
d)What are the R squares for the equations? Which one is better? Can you provide an economic rationale to explain the difference?
e)Use the equations to calculate estimated values for both types of expenditures for 2011 and 2012. How well did the equations predict values for 2011 and 2012?
Dataf)If DPI increases at a rate of 2.2% in 2013 and then at a rate of 2.6% in 2014, what are the predicted values for consumer spending on motor vehicles and parts? On housing and utilities?
   
YearDPIMotor Vehicles and PartsAnswers:
1964.462.325.8a)
1965.497.829.6b)
1966.537.429.9c)
1967.575.129.6d)
1968.624.735.4e)
1969.673.837.4f)
1970.735.534.5 Motor Vehicles and Parts  
1971.801.443.2 2013  
1972.869.049.4 2014  
1973.978.154.4 Housing and Utilities  
1974.1,071.748.2 2013  
1975.1,187.352.6 2014  
1976.1,302.368.2
1977.1,435.079.8
1978.1,607.389.2
1979.1,790.990.2
1980.2,002.784.4
1981.2,237.193.0
1982.2,412.7100.0
1983.2,599.8122.9
1984.2,891.5147.2
1985.3,079.3170.1
1986.3,258.8187.5
1987.3,435.3188.2
1988.3,726.3202.2
1989.3,991.4207.8
1990.4,254.0205.1
1991.4,444.9185.7
1992. 4,736.7204.8
1993.4,921.6224.7
1994.5,184.3249.8
1995.5,457.0255.7
1996.5,759.6273.5
1997.6,074.6293.1
1998.6,498.9320.2
1999.6,803.3350.7
2000.7,327.2363.2
2001.7,648.5383.3
2002.8,009.7401.3
2003.8,377.8401.0
2004.8,889.4403.9
2005.9,277.3408.2
2006.9,915.7394.8
2007.10,423.6399.9
2008.11,024.5339.3
2009.10,722.4316.0
2010.11,127.1342.7
2011.11,549.3373.6
2012 p.11,931.2407.0
   
YearDPIHousing and Utilities
1964.462.372.1
1965.497.876.6
1966.537.481.2
1967.575.186.3
1968.624.792.7
1969.673.8101.0
1970.735.5109.4
1971.801.4120.0
1972.869.0131.2
1973.978.1143.5
1974.1,071.7158.6
1975.1,187.3176.5
1976.1,302.3194.7
1977.1,435.0217.8
1978.1,607.3244.3
1979.1,790.9273.4
1980.2,002.7311.8
1981.2,237.1352.0
1982.2,412.7387.0
1983.2,599.8421.2
1984.2,891.5458.3
1985.3,079.3500.7
1986.3,258.8535.7
1987.3,435.3571.8
1988.3,726.3614.5
1989.3,991.4655.6
1990.4,254.0696.4
1991.4,444.9735.5
1992. 4,736.7771.2
1993.4,921.6814.5
1994.5,184.3866.5
1995.5,457.0913.8
1996.5,759.6961.2
1997.6,074.61,009.9
1998.6,498.91,065.2
1999.6,803.31,125.0
2000.7,327.21,198.6
2001.7,648.51,287.7
2002.8,009.71,334.8
2003.8,377.81,393.9
2004.8,889.41,462.4
2005.9,277.31,582.6
2006.9,915.71,686.2
2007.10,423.61,756.2
2008.11,024.51,831.0
2009.10,722.41,871.6
2010.11,127.11,891.9
2011.11,549.31,929.9
2012 p.11,931.21,965.9
   
Source: Economic Report of the President, 2013. Appendix B.  
 
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