# Demand Warm Ups - Weebly

Demand Warm-Ups Unit 3 Microeconomics Review Warm-up You and your friends order a pizza. The delivery person arrives with a hot, delicious pizza with all your favorite toppings. Assuming you let the pizza cool down so it doesnt burn your mouth, how is the first slice? The second? If you eat more than one slice in a sitting, what number slice would you consider the best? Why?

Draw a demand graph for Store Brand Cereal. Consumer income increases. Illustrate the change in demand on your graph. List what determinant was involved. ---------------------------------------------------------------- Next, draw a demand graph for steak. Consumer income decreases. Illustrate the change in demand on your graph. List what determinant was involved. Hint: For each one, decide if it is an inferior or normal good Demand for Store Brand Cereal Price Decrease in

demand *Income Inferior Good D2 Quantity D1 Demand for Steak Price

Decrease in demand *Income Normal Good D2 Quantity D1 Determinants: Mnemonic Device In Times Past

Really Good Income Tastes & Preferences Related Goods (Substitute & Complementary Goods) White Beans Existed Weather

# of Buyers Expectations The price of movie tickets has increased to \$15. Will this cause a change in demand or a change in the quantity demanded? Illustrate your answer on a demand graph. --------------------------------------------------------------The price of peanut butter has increased. What will happen to the demand for jelly? Illustrate your answer on a demand graph. Demand for Movie Tickets

Price Decrease in QUANTITY demanded B P2 A P1

D1 Q Q Quantity 2 1 Demand for Jelly

Price Decrease in demand *Price of Complementary Good (Peanut Butter) D2 Quantity D1

The 5 Shifters of Demand in Laymans Terms Income Tastes and Preferences Related Goods - Price of Substitute Goods - Price of Complementary Goods Weather (not normally recognized as a demand shifter, but should be included in determining some scenarios) Number of Buyers Expectations

## Recently Viewed Presentations

• Crafting Teaching Sequences for Extended Interventions www.CommonCore.org www.EngageNY.org. ... Crafting Teaching Sequences for Extended Interventions www.CommonCore.org www.EngageNY.org. ... we decided to create a game of PDF Bingo to empower us to navigate the curriculum more efficiently. This ...
• The Vision "Maternity services across England to become safer, more personalised, kinder, professional and more family friendly" ... We have a Teesside Perinatal Mental Health team for women with documented Mental Health illness - providing Birth plans and management pathways.
• A Neurosurgical Operation A neurosurgical operation has several stages Line Insertion - Local Anesthesia Local Anesthesia Local Anesthesia Lidocaine - a local anesthetic Lidocaine - a local anesthetic Why we have to learn about axons, ion channels & how they...
• Quiz,continued True-false: You will read a statement about intellectual property that is related to the objectives from the intellectual property presentation, and to respond by indicating whether the statement is true or false.You will be expected to understand MSU policies...
• Stability of oxides important. Unstable oxides - corrosion, stable oxides no corrosion. Rust large volume expansion when it forms from steel - so unstable on surface. Chromium and aluminum oxides reasonably stable, so good in water environment when no halides...
• Development of more "concept"…to help explain and define future direction Stay the course with respect to MIL-STD-XXXX; SD-19; __'s Roadmap; etc. PMRIPT/PSMC Systems Engineering Team Status Brief Nov '06 SE Team Members - LMI (Facilitator) - ASC - DSPO -...
• The Society of Physics Students was born on April 22, 1968 when the officials of AIP and ∑∏∑ signed the Articles of Agreement. Now, when one says SPS one is usually speaking of both organizations. ∑∏∑ is housed within the...
• Viewing within Arena done via Crystal Reports to query the Access database. Arena also produces a plain-text summary report (.out filename extension) Was in previous versions of Arena, underlying SIMAN simulation language. Fairly cryptic, but gives quick view of lots...