Demand Warm Ups Unit 2.

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Presentation transcript:

Demand Warm Ups Unit 2

2/20/13: You and your friends order a pizza 2/20/13: You and your friends order a pizza. The delivery person arrives with a hot, delicious pizza with all your favorite toppings. Assuming you let the pizza cool down so it doesn’t burn your mouth, how is the first slice? The second? If you eat more than one slice in a sitting, what number slice would you consider the best? Why?

Draw a demand graph for Store Brand Cereal. 2/22/13 Draw a demand graph for Store Brand Cereal. Consumer income increases. Illustrate the change in demand on your graph. List what determinant was involved. Next, draw a demand graph for steak. Consumer income decreases. Illustrate the change in demand on your graph. List what determinant was involved. Hint: For each one, decide if it’s an inferior or normal good

Demand for Store Brand Cereal Decrease in demand *Income – Inferior Good Price D2 Quantity

Demand for Steak Price D1 D2 Quantity Decrease in demand *Income – Normal Good Price D2 Quantity

Determinants: Mnemonic Device In Income Times Past Tastes & Preferences Really Good Related Goods (Substitute & Complementary Goods) White Weather Beans # of Buyers Existed Expectations

2/25/13 The price of movie tickets has increased to $15. Will this cause a change in demand or a change in the quantity demanded? Illustrate your answer on a demand graph. The price of peanut butter has increased. What will happen to the demand for jelly? Illustrate your answer on a demand graph.

Demand for Movie Tickets Decrease in QUANTITY demanded B P2 Price P1 A D1 Q2 Q1 Quantity

Demand for Jelly Price D1 D2 Quantity Decrease in demand *Price of Complementary Good (Peanut Butter) D1 Price D2 Quantity

Income Tastes and Preferences Price of Substitute Goods Price of Complementary Goods Weather Number of Buyers Expectations