Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand...

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Unit 2: Supply & Demand Together!!! 2

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Transcript of Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand...

Page 1: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Unit 2: Supply & Demand

Together!!!

2

Page 2: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

PricePrice

QuantityQuantity

PricePrice

QuantityQuantity

Market Equilibrium = Q.D. = Q.S.Market Equilibrium = Q.D. = Q.S.

PricePrice

QuantityQuantity

SS

DD

SS

DD

2323

1515

Page 3: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

PricePrice

QuantityQuantity

PricePrice

QuantityQuantity

ShortageShortage SurplusSurplusDemand >

SupplySupply > Demand

SS

DD

SS

DD

Page 4: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

PricePrice

QuantityQuantity

PricePrice

QuantityQuantity

EffectiveEffective Non-EffectiveNon-Effective

Price CeilingPrice CeilingCan not Sell Above It

P.C.P.C.

P.C.P.C.

Page 5: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Non-EffectiveNon-Effective EffectiveEffective

Price FloorPrice FloorCan not Sell Below It

PricePrice

QuantityQuantity

PricePrice

QuantityQuantity

P.F.P.F.

P.F.P.F.

Situations

Page 6: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Price

Quantity

S

D

Chocolate Milk is proven to cure cancer; however, half of the population of cows die from mad cow disease. How does this information affect the price and quantity of chocolate milk?

Page 7: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Pho is proven to increase the rates of heart attacks, and three new Pho restaurants open in the area. How would this information affect the price and quantity of Pho?

Price

Quantity

S

D

Page 8: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Price

Quantity

S

D

The price of chips increases, and 3 factories that produce salsa blew up at the same time. How would this information affect the price and quantity of salsa?

Page 9: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Chicken farms invented faster method to raise chickens; more than half million Chinese immigrate to the city.How does this information affect the price and quantity of orange chicken?

Price

Quantity

S

D

Page 10: Review 1.Explain the Law of Demand 2.Explain the Law of Supply 3.Identify the 5 shifters of demand 4.Identify the 6 shifters of supply 5.Define Subsidy.

Use a S&D to explain this double shift

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