Supply & Demand Graphing Analysis of changes in S & D HINT: Get out the supply & demand shift worksheets and the reasons for shifts. This will be helpful.

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Presentation transcript:

Supply & Demand Graphing Analysis of changes in S & D HINT: Get out the supply & demand shift worksheets and the reasons for shifts. This will be helpful.

Steps to Solve Scenario Ask these questions (in this order) of yourself for each factor as you solve: 1: Is this a 3 rd variable in the equation? 2. If it is, does it primarily affect supply or demand? 3. Is it an increase or decrease?

Market: Plywood Factor # 1: Hurricane approaches and is threatening just off the coast Factor # 2: Terrorists use a computer virus which destroys plywood making software 1.Construct a market graph and draw the appropriate shifts in Supply & Demand 2.Explain what happens to price & quantity?

2005 Toyota Prius Hybrid Factor # 1: Car & Driver Mag says it gets 55 MPG Factor # 2: Toyota signs a labor agreement cutting wages 5% 1.Construct a market graph and draw the appropriate shifts in Supply & Demand 2.Explain what happens to price & quantity?

Logan’s Roadhouse Food TODAY Factor # 1: 5 new restaurants open within a mile of Logan’s last month Factor # 2: Logan’s promotion of buy one get one lunch for free starts tomorrow. 1.Construct a market graph and draw the appropriate shifts in Supply & Demand 2.Explain what happens to price & quantity?

Skittles Factor # 1: Price of Starbursts decreases by 50% Factor # 2: Price of sugar increases by 10% 1.Construct a market graph and draw the appropriate shifts in Supply & Demand 2.Explain what happens to price & quantity?

Burger King’s new full pound burger Factor # 1: New large condos and apartments are both built next door Factor # 2: Government places an excise tax on excessively fatty foods 1.Construct a market graph and draw the appropriate shifts in Supply & Demand 2.Explain what happens to price & quantity?

Market: Ice Cream Factor # 1: Weekly forecast shows record high temps and clear skies Factor # 2: Report of greater ice cream demand is in the USA Today 1.Construct a market graph and draw the appropriate shifts in Supply & Demand 2.Explain what happens to price & quantity?