Transcript S&D powerpoint

Pre-game materials:
1. Two or three white boards
2. Two – six markers
Pre-game instructions:
1. The teacher is the umpire and will be the judge
on any close calls.
2. Divide the class up into two or three teams of
nine players on each team. (if this doesn’t work
for the number of students in your class, some
students may have to go to the board twice).
3. Once the students have divided up into teams,
have them take two minutes to come up with a
team name. The name must relate to an
economics concept they have learned, ie.
Maximizers, Adam Smiths, etc.
4. Have the students take one minute to decide on
who the team captain is going to be. Once the
team captain is chosen, he or she will have two
minutes to write down on a piece of paper the
team’s batting order, starting with the student
who feels he or she knows the least about supply
and demand all the way to the last student who
feels he or she knows the most about the laws of
supply and demand.
5. Each team will send its first batter to the board
While at the board, each batter will draw a
supply and demand graph labeling everything
correctly, similar to this example:
S
P
D
Q
6. The teacher will show the question from this
PowerPoint presentation on the screen. Once
the batters have read the questions, they must
turn and face their respective boards to work on
the question. There must be NO TALKING
from any other team members while the batter
is writing the answer on the board.
7. There will be nine questions (representing nine
innings in a baseball game). Here is a sample
question and what will be expected from each
batter.
Each batter will go to the board and draw a supply
and demand graph.
The umpire (teacher) will give you the market;
write it at the bottom of the supply and demand
graph.
S
P
D
Q
Sample Inning:
Your market is: Baseball tickets
Your questions is: The town size has doubled in
the past year, what will most likely happen to
the price and quantity of baseball tickets?
S
1. Don’t think!
2. Which curve is affected?
P1
3. Is it an increase or
a decrease with that P
curve?
D1
4. Just draw it!
D
Demand because the
number of consumers .
Q Q1
Price and quantity
Baseball Tickets
First batter on each team go to the board
and draw a supply and demand curve.
1st Inning
Your market is:
Paper Plates
Your question:
Millions of acres of forest land
are burned. What happens to
the market for paper plates?
1st inning
Millions of acres of forest
land are burned. What
happens to the market
for paper plates?
S1
P
S
P1
P
Answer:
Costs
Supply shifts
to the left.
P Q
D
Q1 Q
Paper Plates
Q
2nd Inning
Your market is:
Most goods and services
Your question:
Gas prices go up in the
economy. What happens to
the market for most goods
and services?
2nd Inning
Gas prices go up in the
economy. What happens to
the market for most goods
and services?
S1
P
S
P1
Answer:
Costs
Supply shifts
to the left.
P Q
P
D
Q1 Q
G&S
Q
3rd Inning
Your market is:
Doctors
Your question:
The medical exam to become
a doctor becomes more
difficult. What happens to
the market for doctors?
3rd Inning
The medical exam to become
a doctor becomes more
P
difficult. What happens to
the market for doctors?
S1
S
W1
W
Answer:
Number of suppliers
D
Supply shifts
to the left.
W Q
Q1 Q
Doctors
Q
4th Inning
Your market is:
Walgreens Aspirin
Your question:
The price of Bayer
aspirin goes down. What
happens to the market for
Walgreens Aspirin?
The price of Bayer
aspirin goes down.
What happens to the
market for
Walgreens Aspirin?
4th Inning
P
S
P
P1
Answer:
Price of a substitute
(Bayer)
Demand shifts to
the left
P Q
D1
Q1 Q
D
Q
Walgreens Aspirin
5th Inning
Your market is:
New houses in Ohio
Your question:
Millions of acres of timberland
in Oregon are burned. What
happens to the market for new
houses in Ohio?
Millions of acres of
timberland in Oregon
is burned. What
happens to
the market for
new houses in
Ohio?
5th Inning
S1
P
S
P1
P
Answer:
costs
D
Q1 Q
Supply shifts
to the left.
P Q
Q
New houses in Ohio
Alternative answer next slide
Millions of acres of
timberland in Oregon
is burned. What
happens to
the market for
new houses in
Ohio?
5th Inning
P
S
P1
P
D1
Answer:
preferences
D
Q Q1
Demand shifts to
the right.
P Q
Q
New houses in Ohio
Alternative answer
6th Inning
Your market is:
Clothes in secondhand stores
Your question:
The economy starts going
through a boom period. What
happens to the market for
clothing in secondhand stores?
6th Inning
The economy starts
going through a
boom period. What
happens to the
market for clothing
in second-hand stores?
P
S
P
P1
Answer:
Income inferior goods
D1
Q1 Q
Demand shifts
to the left.
P Q
D
Q
Clothing in secondhand store
Alternative answer next slide.
The economy starts
going through a
boom period. What
happens to the
market for clothing
in second-hand stores?
6th Inning
P
S
S1
P
P1
Answer:
D
Physical availability
of resources (clothes)
Q Q1
Q
Supply shifts to
Clothing in secondhand store
the right.
P Q
Alternative answer
7th Inning
Your market is:
Houses
Your question:
Interest rates go up.
What happens to the
market for houses?
Interest rates for go up.
What happens to the
market for houses?
7th Inning
P
S
P
P1
Answer:
preferences
D1
Q1 Q
Demand shifts
to the left.
P Q
D
Q
Houses
Alternative answer next slide.
Interest rates for
mortgages go up.
What happens to the
market for houses?
7th Inning
S1
P
S
P1
P
Answer:
Cost of building
homes goes up.
Supply shifts
to the left.
P
Q
D
Q1 Q
Q
Houses
Alternative answer
8th Inning
Your market is:
Copper piping
Your question:
Millions of acres of timberland
are burned. What happens to
the market for copper piping?
Draw three supply and demand
graphs with the last one being
the market for copper piping.
You figure out what the other
two supply and demand graphs
should be.
8th Inning
Millions of acres of
timberland are burned. P
What happens to
the market for
P1
copper piping?
P
S1
S
Answer:
Physical availability
of wood.
Supply shifts
to the left.
P Q
D
Q1 Q
Wood
Q
8th Inning
Millions of acres of
timberland are burned. P
What happens to
the market for
P1
copper piping?
P
S1
S
Answer:
Cost of building
Supply shifts
to the left.
P
Q
D
Q1 Q
Houses
Q
Millions of acres of
timberland are burned.
What happens to
the market for
copper piping?
8th Inning
P
S
P
Answer:
P1
Price of a complement
(copper pipes
complement a house)
Demand shifts
to the left.
P
Q
D1
Q1 Q
Copper Piping
D
Q
9th inning
All team members to the board and
DO NOT draw anything on the board
until I read the question.
This statement came out in the school
announcements:
“The yearbook staff only order 350 yearbooks
for this year. Due to this shortage, the price
of the yearbook will be raised from $28 to $30.
If you would like to buy a yearbook, please stop
by the business office.”
Draw a graph of what this statement is saying.
9th Inning
P
S
$30
$28
D
Qs Qd
Yearbooks
Q