Open-Note Quiz  Have Out:  Module 11 Notes  Graphing worksheet from yesterday- complete graphs if needed  Extra piece of paper for notes if needed.

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Presentation transcript:

Open-Note Quiz  Have Out:  Module 11 Notes  Graphing worksheet from yesterday- complete graphs if needed  Extra piece of paper for notes if needed  Take packet from the front of the room after the quiz  harriet-tubman.html?_r=0 harriet-tubman.html?_r=0 

Determining Quantity Demand vs. Demand

Today’s Agenda  Objective: To determine how quantity demanded is affected by price and discuss demand curves  Essential Skill: Explicitly assess information and draw conclusions.

Demand Schedule- Demand Curve Worksheet  Choose a common consumer good  Set several prices for the good  Fill out the quantity of the good you would demand at each price  Interview two additional students  Plot your answers on each graph

Law of Demand  As the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

The LAW of DEMAND  Relationship between price and quantity demanded is inverse  As price increase, quantity demanded decreases  As price decreases, quantity demanded increases Price Quantity Demanded

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q As the price goes down The quantity goes up

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. Quantity demanded is just a POINT on the curve and must be connected to price

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. For example, at $8 the quantity demanded is 3 units.

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. For example, at $8 the quantity demanded is 3 units.

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. If the price changes from $8 to $6, the quantity demanded goes from 3 units to 6 units.

Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded Q There is a HUGE difference between the terms quantity demanded and demand. Notice when there is a change in price, the quantity demanded changes, but demand (the entire curve) remains the same.

Practice  Complete the front and back of Worksheet 5A from the packet

Demand  Demand is the desire, willingness, and ability to buy a good or service at any given price  Quantity Demand is the desire, willingness, and ability to buy a good or service at a certain price  A Demand Schedule is a table that lists the various quantities of a product or service that someone is willing to buy over a range of possible prices.  The Demand Curve is the line that connects these points  According to the Law of Demand, quantity demanded and price move in opposite directions.

Consumer Tastes or Preferences

Consumer Income  Normal v. Inferior goods  Normal good consumption (demand) increases with a larger income  Inferior good consumption (demand) decreases with a larger income  If you were given $1 million dollars, which would you choose?

Related Good’s Prices  Substitutes v. Compliments  If the rise in price of one good drives consumers to purchase an alternative good, they are said to be substitutes (two different goods)  If the fall in the price of one good drives consumers to purchase more of another good, they are said to be compliments

Consumer Expectations About Future Price  If outlook is a drop in price, demand will decrease today  If outlook is a increase in price, demand will increase today

Size of Consumer Market More people, more demand 2+2 = = 6

Changes in DemandDemand Demand Curves can also shift in response to the following factors: – T astes: changes in preference or popularity of product/ service changes in the number of consumers – I ncome: changes in consumers’ income – R elated goods: compliments and substitutes – E xpectations: changes in what consumers expect to happen in the future – S ize of Market (# of): changes in the number of consumers TIRES: factors that shift the demand curve

Begin Working on the Demand Shifters Packet  On your own or with a partner  HW Reminder: Module 13 to the middle of 153 due Monday

Practice  Identify whether the change is a change in demand or a change in quantity demanded. Explain how you know.  Consumers Income Drops  Millions of Immigrants Enter the U.S.  Price of Foreign Autos Drop  Major Cities Add Inexpensive Bus Lines  Price of U.S. Auto Rises  Price of U.S. Autos Expected to Rise Soon  Families Look Forward to Summer Vacation  U.S. Auto Firms Launch Effective Ad Campaigns

Practice  Identify whether the change is a change in demand or a change in quantity demanded.  Holly gets a raise at work and decides that she will by more music downloads.  David notices that the price of coffee has increased, so he buys less coffee.  George decides not to buy new tires now since he expects tire prices to fall next month.  As the population ages, more people buy hearing aids.  James decides to buy more peanut butter as a result of jelly going on sale.  Madeline does not need to buy diapers anymore for her three-year-old son.