Transcript Micro Lesson 2 - Effingham County Schools

Micro Lesson 2:
Demand
Assignment
• Think of a good or service that you buy
regularly (at least once a month).
• Create a T-Chart, with “Price” on the left
and “Quantity” on the right.
• Halfway down the chart, list your item’s
current price, and the quantity you buy per
month.
• Estimate the quantity you would purchase if
the price were 25% higher, and if it were
25% lower, & record these prices/quantities
on your chart. Repeat at 50%.
The Law of Demand
Price is inversely related to quantity
demanded.
Demand vs. Quantity Demanded
“Demand” is the whole picture…all
of the quantities demanded at every
price.
Quantity demanded is a specific
quantity at a specific price.
Assignment
• Obtain marker boards and markers.
• Recreate the graph on the board.
• Plot the data from your demand schedule
(T-chart) from earlier.
• Connect the dots.
Group Quiz
Obtain Your Clickers.
Closed Notes.
1. What is the quantity demanded at a
price of $3?
Price
5
.
A. 1
B. 2
C. 4
D. 7
4
3
.
2
D
1
1
2
3 4 5 6 7 8 9 .10
Quantity
2. What is the price at a quantity
demanded of 1?
Price
5
.
A. 1
B. 2
C. 5
D. 8
4
3
.
2
D
1
1
2
3 4 5 6 7 8 9 .10
Quantity
3. On the graph showing a demand
curve, ______ is on the horizontal axis,
& _______ is on the vertical.
•
•
•
•
A) Price, Demand
B) Demand, Price
C) Price, Quantity
D) Quantity, Price
4. From left to right, the demand
curve generally slopes:
•
•
•
•
A) Upward
B) Downward
C) Horizontal
D) Vertical
5. As price goes down, quantity
demanded:
• A) rises
• B) falls
• C) stays the same