1. AGENDA Tues 2/14 & Wed 2/15 Thurs 2/16 & Tues 2/21  QOD #13: Which way did it go?  Shifty Buggers  Meat ers  Double Takes  S&D Poster Project Work Session  QOD #14: Report of project contribution  HW: pg. 132 #1-12 RQ DUE: Thurs 2/16 & Tues 2/21 S&D Poster Project: Presentations Wed 2/22 & Thurs 2/23 Study for Market Quiz Wed 2/22 & Thurs 2/23 EC #1 DUE: Wed 2/22 & Thurs 2/23

2. QOD #13: Which way did it go?  From time to time, areas of the country experience severe droughts that result in widespread water shortages. Yet, if bad weather reduces the availability of fruits and vegetables, widespread shortages don’t usually occur. Explain the difference. Use your understanding of supply & demand to draw a graph for each of the markets (water and fruits/veggies).

7. Practice time  For each of the following scenarios, draw and write what would happen to supply, demand, equilibrium price and equilibrium quantity. Explain the reason. A company that makes cables for computer networks invents a way to lower the cost of making their cables. A very flashy ad campaign for little-known brand of ice tea increases its popularity among consumers. The company is ready to make any amount of iced tea necessary to satisfy changes in demand. With significantly cheaper prices for computers, more people can buy computers. What might happen to the market for Internet service? Gas prices start to increase dramatically. What happens to the market for SUVs that get bad gas mileage?

8. More Practice Smaller memory chip developed for cell phones iPhones shown to cause cancer due to transmission of sound waves Government raises taxes on gasoline Several new brands of tablets are introduced 2-for-1 coupons passed out for Chipotle burritos Hepatitis outbreak @ Chipotle, Panda Express Whitney Houston dies, The Bodyguard DVD Tiger Woods plays perfect game at Pebble Beach, Pebble Beach golf memberships

9. Double Shifts  S  > D  = P   D  > S  = P   D  > S  = P   S  > D  = P   D  = S  = P constant  D  = S  = P constant