Demand Review Do NOT waste the white board pen! Make sure your Group # is clearly shown on your...
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Transcript of Demand Review Do NOT waste the white board pen! Make sure your Group # is clearly shown on your...
Demand ReviewDo NOT waste the white board pen!
Make sure your Group # is clearly shown on your Dry-Erase Board at all times
Tomorrow’s test will NOT be multiple choice. It will beShort-answer and graphing!!!!!
Demand Schedule
Draw a demand schedule at price intervals of every 20 cents beginning at sixty cents and ending at $2.00. For quantity purchased, do intervals of 2 units beginning with zero and ending at 14. Make sure it follows the Law of Demand!
Using Half the Dry-Erase Board. . .
Demand CurveUsing your demand schedule,
on the other half of your Dry-Erase Board, draw your demand curve at those intervals.
Marginal Utility Explain what marginal utility is Explain what the law of diminishing
marginal utility is
Determinants of DemandList these major determinants
of demand In Times Past Really Good (there are two types of related goods)
For each, write down an example and be able to explain it
Determinants of DemandList these major determinants of
demandWhiteBeansExisted
For each, write down an example and be able to explain it
Demand Graph - Decrease
Draw a demand graph showing the appropriate shift if demand decreases. Title in large letters, “Decrease in Demand”
Using Half the Dry-Erase Board. . .
Demand Graph - Increase
Draw a demand graph showing the appropriate shift if demand increases. Title in large letters, “Increase in Demand”
Using The Other Half the Dry-Erase Board. . .
ElasticityExplain what we mean when we
say that a product’s demand is price elastic
Provide an example and explain
Draw a graph that show’s a product’s demand is price elastic
InelasticExplain what we mean when we say
that a product’s demand is price inelastic
Provide an example and explain
Draw a graph that show’s a product’s demand is price inelastic
3 Characteristics of products that would have inelastic demand
3 Characteristics of products that would have elastic demand
Write the formula that is used to determine Price Elasticity of Demand?
Elastic, Inelastic or Unitary
Changing Price of Substitute Products
If price of butter goes down ( )
The demand for margarine will go ?
Changing Price of Complementary Products
If the price of hamburger patties goes up ( )
The demand for hamburger buns goes ?