Thursday/Friday December 15-16

Supply/Demand Exam

Tuesday/Wednesday December 12-13

Review Sheet

Law of Supply        Law of Demand      Elastic/inelastic        Equilibrium             Supply Schedule     Income Effect         

Ceteris paribus        inferior goods         Disequilibrium        price ceiling             price floor               Demand Schedule                  

Elasticity of Demand- (equations- p.92)                               

Determinants of Demand (income, expectations, tastes/preferences, substitutes, complimentary, population)

Determinants of Supply (technology, inputs, # of firms, government taxes/subsidies, disasters)

How to graph a change in supply/demand and give reasons (p. 117 and p. 86)

Exam next class!

Monday December 11

Today we finished our Big Apple Graphs and turned in.

Periods 2 and 6 only:

Supply and Demand Rap Song
Create a Rap song about Supply and Demand.  The song must have 20 lines and be school appropriate.  This is a mandatory assignment.  You don't have to rap it in front of the class.  If you want 10 extra credit points then you can rap it! Due next class!

Thursday/Friday December 7-8

Today we did the graphing from data taken off the Big Apple game.  If you missed class, you need to get the data from another classmate who was in class. 

Per 1 Data

Per 2 Data

Per 6 Data

Tuesday/Wednesday December 5-6

Today we finished the Elasticity worksheet and completed the questions below

Calculate the Elasticity of Demand and determine whether the demand is elastic, inelastic, or unitary elastic for the following questions

1. When price of a deluxe car wash rises from $10.00 to $11.00, the number of daily customers falls from 60-48.

2. A dentist with 80 patients cuts his fee for a cleaning from $60.00 to $54.00.  He now goes from 80 patients to 92.

3. An airline raises their baggage fees from $50 to $65, the number of flights drop from 100/day 88/day.

4. Price for a bushel of apples decreases from $4 to $3.  The number of bushels sold increases from 32-45.

5. A newsstand sells magazines for $2/magazine and will sell 100 at this price.  They raise their price 50% and in turn sell 50% less magazines.

6. Ashley raises the price in slices of pizza from $1.00 to $1.50; consequently she sells 3 slices instead of 4.

We started The Big Apple Game in class and will finish next class.

Monday December 4

Read and take notes pp 90-92
Pay special attention to the following 3 items on pages 91
1. Elastic
2. Inelastic
3. Unitary Elastic

Page 92 has two equations for elasticity.  Use the examples on page 92 for any help on how to find elasticity.

Elasticity Worksheet