Demand and Supply 1.1

Twenty-four hours 1: Markets and Demand (2.1 and two.2)

Questions for the day:

two. Draw a demand curve for a particular product.

3. Depict a move forth a demand curve. Explain what could cause such a motility.

4. What are 3 reasons for the downward slope of the demand curve?

Activity 1: Brownies for sale!

Tell students to get out their coin while I get out a pan of brownies – begin at a low price and ask how many students want to buy – write down prices and numbers willing to buy on board - increment toll and picket numbers willing and able to buy decrease – graph the D schedule.

one.1A - Demand - Part 1.pptx

Demand Review Video: Finish at iii minutes! Nosotros'll become to demand shifts afterward.

Activeness 3: Need Schedules. Become into groups of 3-4. Cull one product that you would buy in the breezeway. Make up 5-6 different prices for that production and ask your grouping how many they would be willing to buy based on each cost. (notation: one person can buy more than than one production). Exist certain that your prices increase plenty to accept a noticeable difference in the quantity demanded as toll increases.

At present graph them! graph 3 need schedules. Explain (using your own words) why the D curve is down sloping at the cease of graphing.

Part ii Determinants of Demand:

ii. Draw a demand curve for a particular production.

3. Draw a movement along a need curve. Explain what could cause such a movement.

4. What are 3 reasons for the down slope of the demand curve?

1.1B - Demand - Role 2.pptx

Action 4: Normal vs. Inferior Goods video overview:

1. Draw a motion along a demand bend. Explain what could cause such a movement.

2. Draw a shift of a demand curve. Explicate what could cause such a shift.

Homework: Read pp21-30, take annotation of any central terms and reply the questions on P29 labeled "Exercises".

AND Read pp 30-40 (some is but HL)

Part 3: Supply and Determinants of Supply (ii.5-2.6)

i. What is the police force of supply? (notation the contrast w/ the police of demand)

2. Describe the human relationship between an individual producer's supply and marketplace supply.

iii. Explain what a supply curve represents (what human relationship is represented on a supply curve)?

5. How practise factors including changes in costs of production (state, labour, upper-case letter and entrepreneurship), engineering science, prices of related goods (articulation/competitve supply), expectations, indirect taxes and subsidies and the number of firms in the market change supply?

6. Distinguish between movements along the supply curve and shifts of the supply curve.

seven. Construct diagrams to show the difference betwixt movements along the supply curve and shifts of the supply curve.

one. Finish Determinants of Demand Posters/if finished, work on word wall

Draw a demand bend and how information technology would be affected past the post-obit:

i. Consumers of krispy kreme get a monthly pay raise. What would the impact be on the market for krispy creme donuts?

two. If Roti is a substitute for Tortillas, graph the bear on of a price reduction in roti on the marketplace for tortillas.

3. If Dahi is a compliment for Dal, graph the touch of a cost increment of Dal on the market for Dahi.

four. A large number of Italian immigrants come to Delhi and their kids brainstorm to attend AES. Depict a diagram to represent the impact on the marketplace for pizza at AES.

5. There is a story on the news that taking vitamin C tablets tin can reduce ane's take a chance of getting dengue. Depict a diagram for the impact on the market for vitamin C tablets.

Start new lesson on Supply

Activity 1: Who wants to babysit for me! I'll give you 100 Rs/hr!.....

1.1D - Supply.pptx

Econ in the News: show how to find articles and evaluate them using what you know nigh economic science!

Activity three: Brand Determinants of Supply posters

Review Questions(from p47)

Consider these headlines:

i. Airlines look more than rules in response to increases blow rates.

two. new teacher robots are expected to revolutionize instruction at major universities.

three. Shortage of apples expected to influence the apple juice industry.

iv. To salvage money, the authorities eliminates subsidies for carbohydrate producers.

v. Cotton wool growers relieved that peace talks are successful in war-torn country.

a. land whether there is a shift or a motion forth the supply curve

b. land the kind of shift

c. create a diagram to demonstrate the shift

d. identify the determinant that caused the shift

Review: (Bear witness me in your notes)

1. What is the law of supply? (note the contrast w/ the law of demand)

ii. Depict the relationship between an individual producer'due south supply and market supply.

3. Explain what a supply bend represents (what relationship is represented on a supply curve)?

5. How exercise factors including changes in costs of production (land, labour, uppercase and entrepreneurship), engineering, prices of related appurtenances (articulation/competitve supply), expectations, indirect taxes and subsidies and the number of firms in the market alter supply?

6. Distinguish between movements forth the supply bend and shifts of the supply curve.

7. Construct diagrams to show the divergence between movements along the supply curve and shifts of the supply curve.

Review of Supply and Demand Crash Grade:

one.1F - Equilibrium.pptx

Econ in the News! Hemp (Beginning at 16 min)

What determinants of Supply practice y'all notice in this clip?

1. Explicate, using diagrams, how demand and supply interact to produce market equilibrium.

2. Analyze, using diagrams and with reference to backlog demand or excess supply. how changes in the determinants of need and/or supply upshot in a new market equilibrium.

Activeness 3 Exercise: Graph this scenario with S and D

ane. Explicate, using diagrams, how demand and supply interact to produce market equilibrium.

2. Analyze, using diagrams and with reference to excess demand or backlog supply. how changes in the determinants of need and/or supply effect in a new market equilibrium.

Office 5: Role of Price in Resource Allocation

ane. Explain why scarcity necessitates choices that respond the 'What to produce?' question.

2. Explain why choice results in an opportunity cost.

iii. Explain, using diagrams, that price has a signaling function and an incentive function, which consequence in a reallocation of resources when prices change as a result of a modify in demand or supply conditions.

1.1H - The Role of P in Resource Resource allotment.pptx

1. Explain why scarcity necessitates choices that respond the 'What to produce?' question.

two. Explain why choice results in an opportunity toll.

iii. Explain, using diagrams, that price has a signaling function and an incentive function, which upshot in a reallocation of resources when prices change as a result of a change in demand or supply conditions.

Homework: HW: Read pp53-58 and do the exercises on p.58, Read pp 64-seventy

Prepare for Formative Paper 1 Function a Adjacent Course!!

Explain the concepts/theories relevant to the question

Diagrams: Fully labeled with arrows to prove whatsoever movement and explanation of what is going on in the diagram and how it relates to the theories/concepts presented

Examples: Provide specific examples of products/markets etc. that assistance to connect to the theory

Do question: Explain how changes in demand classify scarce resources through the signaling and incentive functions of price

explanation of scarce resources

explanation of how changes in demand influence resource allocation through the signaling part of price

(use a specific example of a production and a diagram that relates to a change in demand)

This is a Bang-up overview of the price mechanisms!:

Function 6: Market Efficiency

ane. Explain the concept of consumer surplus.

ii. Identify consumer surplus on a demand and supply diagram.

three. Explain the concept of producer surplus.

4. Identify producer surplus on a demand and supply diagram.

v. Explicate that the best allocation of resources from society's point of view is at competitive marketplace equilibrium, where social (customs) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal cost)

1.1I - Market Efficiency.pptx

1. Explicate the concept of consumer surplus.

2. Place consumer surplus on a need and supply diagram.

iii. Explain the concept of producer surplus.

4. Identify producer surplus on a need and supply diagram.

5. Explain that the all-time allocation of resources from order's bespeak of view is at competitive market equilibrium, where social (community) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal toll)

Homework: Read pp66-71 and do the exercises on p 71.

For HL, read all of the sections on Linear Functions for Demand, Supply and Equilibrium and complete the respective exercises on p40, 52, and 64

Formative Paper 1 Office a!

Function 7: HL Requirements Day (SL help make word wall for exam)

- Explain a demand function (equation) of the form Qd = a - bP.

- Plot a demand curve from a linear part (eg. Qd = lx - 5P).

- Identify the slope of the need curve as the slope of the demand function Qd = a - bP, that is -b (the coefficient of P).

- Outline why, if the "a" term changes, in that location will exist a shift of the need bend.

- Outline how a change in "b" affects the steepness of the demand curve.

- Explain a supply function (equation) of the form Qs = c +dP.

- Plot a supply curve from a linear function (eg. Qs = -thirty + 20P).

- Identify the gradient of the supply curve equally the gradient of the supply function Qs = c + dP, that is d (the coefficient of P).

- Outline why, if the "c" term changes, there will exist a shift of the supply curve.

- Outline how a modify in "d" affects the steepness of the supply curve.

- Calculate the equilibrium price and equilibrium quantity from linear demand and supply functions.

- Plot demand and supply curves from linear functions, and identify the equilibrium price and equilibrium quantity,

- Calculate the quantity of backlog demand or excess supply in the to a higher place diagrams.

Paper 3 Exercise - Linear...Demand & Supply Functions

Equilibrium HL Requirements:

- Calculate the equilibrium cost and equilibrium quantity from linear need and supply functions.

- Plot demand and supply curves from linear functions, and place the equilibrium price and equilibrium quantity,

- Calculate the quantity of excess demand or backlog supply in the in a higher place diagrams.

Case Questions to review FOR ALL:

one. Distinguish between a shift in the demand curve for a product and a movement along the production'south demand curve.

ii. With reference to ii unlike determinants of need, explain why the demand bend for bicycles might increase. Use a diagram to back up your respond.

three. Distinguish between a shift of the supply curve for a product and a movement along the production'south supply curve.

4. With reference to two dissimilar determinants of supply, explicate why the supply of coffee beans might subtract. Employ a diagram to support your answer.