Demand Warm Ups - Weebly

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

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