Response Questions9/11/13 2. What is increasing demand for endangered wildlife trade? 3. If Thai and American authorities are able to limit the amount.

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Presentation transcript:

Response Questions9/11/13 2. What is increasing demand for endangered wildlife trade? 3. If Thai and American authorities are able to limit the amount of wildlife in the black market what do you think will happen to demand for endangered wildlife? Why? 1. Describe the endangered wildlife trade?

Graphing Demand

What we know about Graphing Demand What is the below chart called? Demand Schedule Can anyone explain why the demand curve slopes downward? The Law of demand! As price decreases demand/quantity sold increase.

D3 D2 Shifts in Demand Curve All of the determinants that we’ve discussed (advertising, population, income, etc.) will shift the demand curve one way or another. When demand goes up the curve shifts right. When demand goes down the curve shifts left.

$1.00 Susie is an 11 year old Entrepreneur. she sells cookies from a stand in front of her house. Susie has come to realize that $1.00 a cookie is the best price to sell. Examples How many cookies will she sell at 1 dollar? Susie decides to create a big sign advertising her cookies on the main road near her house. Demand increases! will the curve go right or left? About how many will she sell now? D2

Examples Susie is doing great until her arch enemy, Victoria, opens her own cookies stand down the street cutting into Susie’s lucrative business. What way will the demand curve shift? Left or Right? $1.00 D3 About how many cookies will Susie sell at 1 dollar with Victoria as competition? Take a second and think about our determinants, what might be some ways that Susie might sell more cookies?

Nonprice Determinants of Demand So far we’ve discussed six nonprice determinants A nonprice determinant is something that will shift the demand curve one way or another. Incomecomplementarysubstitutes ExpectationsAdvertisingPopulation Each one will shift the Demand Curve differently

Impact of Nonprice Determinants on Demand Right now I will pass out a practice sheet so you can have a crack at figuring out how non-price determinants effect demand. For each question you will be asked to do 3 things. a) What is the determinate being discussed? B) How will demand be effected in the example and why? c) Display which way the demand curve will shift on the graph.

To Sum up our Demand discussion Please write up your own scenario Demand scenario and include: 1. What your product is. 2. What is the best price to sell it at. 3. Include two instances where a non-price determinate effected demand for your product. 4. create a simple graph to demonstrate. Please do this in your response section and you are done for the day!