07 - Demand and Supply Worksheet PDF

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Comprehensive notes from Ms. Zura...

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DEMAND AND SUPPLY WORKSHEET

NAME:________________________

DEMAND - Relationship between the price of a product and the quantity a buyer needs or wants. Law of Demand (def) - _________________________________________________________________

Graphing Demand Price

 

.50

Quantity Demanded (Qd) 100

Income increases (Qd) increases 160

Taste of People change (Qd) decreases 90

.60 .70 .80 .90 1.00

90 80 70 60 50

150 140 130 120 110

80 70 60 50 40

Label the x and y axis Using a different colour, plot each demand curve using the selection of prices provided

SUPPLY - Relationship between the price of a good or service and the quantity offered for sale. Law of Supply (def) - __________________________________________________________________

Graphing Supply and Demand Price .50 .60 .70 .80 .90 1.00  

Quantity Supplied (Qs) 60 80 100 120 140 160

Quantity Demanded (Qd) 100 90 80 70 60 50

Label the x and y axis Using a different colour, plot the supply curve, then plot the demand curve for the given prices

DEMAND AND SUPPLY WORKSHEET

NAME:________________________

What happens to the Quantity supplied if the price increases? _________________________________

What is it called when the Qd=Qs? _______________________________________________________ The Interaction of Supply and Demand Price of a T-shirt $20 $24 $28 $32 $36  Label the x and y axis and

Quantity Demanded Quantity Supplied 16 0 12 4 8 8 4 12 0 16 plot the supply and demand curves using different colours

What is the equilibrium price? _____________

What is the equilibrium quantity? ____________

Price above equilibrium If a seller raises the price to $32, the seller wants to sell 12 t-shirts, but buyers are only willing to purchase 4. Therefore there is a surplus of _____ t-shirts and the seller will have to lower their price to persuade consumers to buy. Show this surplus at $32 on your graph. Price Below Equilibrium When the price is set lower than $28, the quantity demanded will exceed the quantity supplied and a shortage will occur. For example if the price is set at $24, then 12 t-shirts will be demanded, but the seller will supply only 4, creating a shortage of ____ t-shirts. In this situation, the seller will then raise the price since the shirts are selling so quickly. Show this shortage at $24 on your graph. EVALUATION APPLICATION

All parts components completed, neatly presented, demonstrating understanding of Demand and Supply.

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DEMAND AND SUPPLY WORKSHEET

NAME:________________________...