First ten Chapters. Draw and label a supply and demand curve for strawberries. (short term)

Slides:

Advertisements

Similar presentations

Demand Shifts. Law of Demand  Demand Curves shift when quantity demanded changes –Causes  Income –Normal good –Inferior good  Consumer expectations.

Advertisements

Chapter 7 Elasticity of Demand and Supply

Chapter 5 Some Applications of Consumer Demand, and Welfare Analysis.

Copyright © 2004 South-Western 5 Elasticity and Its Application.

Ch. 4: Elasticity. Define, calculate, and explain the factors that influence the price elasticity of demand the cross elasticity of demand the income.

Input (Factor of Production) Markets

ECONOMICS 211 CLICKER QUESTIONS Chapter 5 –Set #3.

REVENUE THEORY IB Business & Management A Course Companion 2009 THE THEORY OF THE FIRM: COSTS, REVENUES AND PROFITS.

Individual Markets: Demand and Supply Chapter 3. Combining Demand and Supply All markets have both demand and supply operating simultaneously. Therefore.

BACHELOR OF ARTS IN ECONOMICSEcon 111 – ECONOMIC ANALYSIS Pangasinan State University Social Science Department – PSU Lingayen CHAPTER 6 ELASTICITY ANALYSIS.

Unit 2 – Supply and Demand. Categories Terms / ConceptsDemandSupplyEquilibriumDeterminants

Question 1 Price of Good A Quantity demanded of Good A

Copyright © 2004 South-Western Elasticity and Its Applications.

Chapter 3 Supply, Demand, and Elasticity Introduction to Economics (Combined Version) 5th Edition.

Demand and Elasticity Modules What’s behind the Demand Curve? Substitution effect – As price decreases, consumers are more likely to use the good.

Lecture 4 Working with Supply and Demand: Elasticities.

1 Agribusiness Lessons LESSON Elasticity. 2 Objectives 1.Define elasticity, and explain why elasticity varies among products. 2.Explain highly.

CONSUMER BEHAVIOUR Theory Determinants of demand The Demand Curve Explanations of Demand - utility - indifference curve analysis - revealed preference.

Shifts in Supply or Demand Curve Draw a correct graph, showing which curve shifted and what happened to price and quantity.

Equilibrium Market Prices Economics. The concept of the equilibrium price  Equilibrium means a state of equality between demand and supply D S.

FrontPage: Give an example of 1 thing that changes quantity supplied and one that changes supply. The Last Word: Ch 5 Review due Thursday; Quiz Thursday.

1 Demand and Supply Elasticities. 2 Price Elasticity of Demand Price elasticity of demand: the percentage change in the quantity demanded that results.

MR. SOUTHWARD DEMAND, SUPPLY, AND EQUILIBRIUM – TOPIC 3.

Elasticity of Demand How sensitive is demand? Slope of a Demand Curve What does slope indicate about a product? Do all demand Curves have the same slope?

IB Economics Course Companion Chapter 5: Elasticities.

Chapter 4: Demand Section 3. Copyright © Pearson Education, Inc.Slide 2 Chapter 4, Section 3 Objectives 1.Explain how to calculate elasticity of demand.

Copyright © 2004 South-Western/Thomson Learning Elasticity = Responsiveness Allow us to analyze S & D with greater precision. Are measures of how much.

1.2.3 Unit content Students should be able to: Explain price, income and cross elasticities of demand Use formulae to calculate and interpret numerical.

Elasticity and its Application How much do buyers and sellers respond to a change in price.

Chapter Four: Elasticity. The Price Elasticity of Demand.

IGCSE ECON How Prices are determined _chap 7.

Chapter 4: Demand Opener. Copyright © Pearson Education, Inc.Slide 2 Chapter 4, Opener Essential Question How do we decide what to buy.

Elasticity of Supply Unit 5.4. Elasticity and Supply Elasticity with supply works just like elasticity with demand. Suppliers look at the amount of change.

Factors the Affect Demand Unit 4.2. More About the Demand Curve Law of Diminishing Marginal Utility – The second item will not give as much satisfaction.

Economics 10/13/15 Vocab: Law of Demand Journal: 1.)Copy and complete the chart on page 85 in your journal.

Unit 3 Targets. Target #1 Be able to identify what demand is and what sector it refers to.

1.2.8 Unit content Students should be able to: Distinguish between consumer and producer surplus Use supply and demand diagrams to illustrate consumer.

Memorise these 12 goods or services Press space bar to begin.

Demand. The law of demand states that consumers buy more of a good when its price decreases and less when its price increases.

1 STUDY UNI T 6 ELASTICITY. 2 STUDY OBJECTIVES n Define elasticity n Discuss price elasticity of demand n Indicate the relationship between elasticity.

© 2013 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Indirect taxes and subsidies (2) Lesson aims: To be able to draw and explain a subsidy diagram To explain how the tax burden on the consumers and producers.

Price elasticity of demand (PED) (1) Lesson aims: To be able to calculate price elasticity of demand for a good To understand the meaning of a good being.

ECO 365 Week 1 DQ 4 What is the difference between a movement along and shift of the demand curve? What would cause the demand curve to shift and provide.

Price, Income and Cross Elasticity

ELASTICITY Chapter 2 A couple of 'cheat sheet' slides. In other words, a little summary. Hope this helps! Good luck!

IB Business & Management A Course Companion 2009

IB Economics A Course Companion 2009

CHAPTER 20 ELASTICITY.

Warm-Up What is wrong with this statement: “We bought enough. We just ran out!” Draw what the market might look in this situation. What should happen to.

Demand Chapter 4.

How sensitive is demand?

1994 Microeconomics Question 3.

Price, Income and Cross Elasticity of Demand

Name:________________

Economics Chapter 4 Review.

Ch. 4: Elasticity. Define, calculate, and explain the factors that influence the price elasticity of demand the cross elasticity of demand the income.

Demand and Supply The market price for products and services is affected by the demand and supply of products and services If there is a high supply and.

Chapter 4: Applications Using Demand and Supply

Economics Chapter 4 Review.

Price, Income and Cross Elasticity

Chapter 6: Elasticity.

Review What is the law of Demand?

Chapter Four: Elasticity.

Demand Chapter 4.

Price, Income and Cross Elasticity

DEMAND & SUPPLY ONQ 10 QUESTIONS DID THE Jo’s GET THEIR NOTES???

Define the theory of supply

Supply and Demand Test Review

Presentation transcript:

First ten Chapters

Draw and label a supply and demand curve for strawberries. (short term)

 Draw and label a supply and demand curve for chicken.

 Show the area of total revenue on the diagram.  Show what would happen if the government subsidised chicken.

 Identify two factors other than a change in price that would affect the demand for chicken.

 Show the formula for Price Elasticity of Demand.

To what extent is chicken a price elastic good. (6)

Income elasticity of Demand.  What is meant by income elasticity of demand?

With reference to examples, explain normal and inferior goods.

How is a knowledge of IED important for a chain of supermarkets? (4)

 Chicken is an agricultural good. To what extent do agricultural goods have a different price elasticity of supply compared to manufactured goods. (6)