Transcript Double Shifts in Supply and Demand

DOUBLE SHIFTS IN
SUPPLY AND DEMAND
Today’s Agenda
• Objective: To explain the change in price and
quantity when there is a shift in both supply and
demand.
• Essential Skill: To demonstrate an understanding
of concepts.
Review of Single Curve Shifts
Dual Shifts
D S
P? Q
D
P
S
Q?
D S
P? Q
D
P
S
Q?
P increase Q same
Decrease in DemandS
1
S1
S0
S1
E1
E1
Pe1
E
E
1
Pe
D0
0
D1
Qe1
Qe
Quantity of Video Games (thousands)
Tip
S
P increases Q increases
P increases Q decreases
Practice
• Complete the worksheet
• Use the tip to check your answers
• Compare answers with a partner