Please, please help me!
Make a graph in Excel and explain the following:
Holding all other things constant, what would happen to the price of pineapples if the firm increase the available supply.
2. Conversely, what would happen if supply is reduce.
Aside from changin the supply of pinapples, what strategies could the company use to stimulate demand.
Conceptually, start by drawing a standard supply and demand graph. Increasing supply means shifting the supply curve outward (to the right). Price should go down.
2) I like to eat pineapples with cottage cheese. If the price of cottage cheeze went down, I would buy more cheese and more pineapples.
Of course, I'd be happy to help you!
To create a graph in Excel, follow these steps:
1. Open Microsoft Excel and create a new worksheet.
2. Enter the data for the price of pineapples and the corresponding quantity supplied. Typically, the price is on the y-axis (vertical) and the quantity on the x-axis (horizontal).
3. Select the data range by clicking and dragging your cursor over the cells with the data.
4. Go to the "Insert" tab in the Excel toolbar and click on the "Recommended Charts" button.
5. Choose the type of chart you prefer for visualizing the relationship between price and quantity supplied (e.g., line graph or scatter plot).
6. Excel will generate the chart based on the selected data.
Now, let's analyze the graph and answer your questions:
1. Holding all other things constant, if the firm increases the available supply of pineapples, the supply curve will shift to the right. This means that at any given price, a greater quantity of pineapples will be supplied. Consequently, this would lead to a decrease in the price of pineapples. On the graph, you would observe a movement along the demand curve from a higher price point to a lower price point.
2. Conversely, if the supply of pineapples is reduced, the supply curve will shift to the left. This implies that at any given price, a lower quantity of pineapples will be supplied. As a result, the price of pineapples would increase. On the graph, you would see a movement along the demand curve from a lower price point to a higher price point.
Aside from changing the supply of pineapples, the company could employ various strategies to stimulate demand, such as:
a) Advertising and marketing campaigns: Promoting the benefits, taste, or health benefits of pineapples can create awareness and generate increased demand.
b) Offering discounts or special promotions: Providing limited-time offers, bulk discounts, or loyalty programs can entice consumers to purchase more pineapples.
c) Product diversification: Developing new pineapple products or creating innovative recipes that incorporate pineapples could attract new customers and increase demand.
d) Collaborating with retailers: Partnering with grocery stores, supermarkets, or restaurants to highlight pineapples in-store displays or menus can stimulate consumer interest and drive sales.
e) Participating in trade shows or events: Joining industry-specific exhibitions or fairs can expose the company to potential customers and help generate demand for their pineapples.
Remember, there are many factors that can influence price and demand, and these strategies may need to be tailored to the specific market conditions and target audience.