Economics 10/13/15 Vocab: Law of Demand Journal: 1.)Copy and complete the chart on page 85 in your journal.

10/14/15 Vocab: Substitution Effect Journal: 1.) How does the Substitution Effect relate to the Income Effect? Explain! Economics

10/15/15 Vocab: Demand Schedule Journal: 1.) Look at Figure 4.2 on page 89. How does market demand change when the price falls from $3 to $2 a slice? 2.) What behaviors affect individual demand when pizza is $6 per slice? 3.) What is the difference between an individual demand schedule and a market demand schedule? Economics

10/16/15 Vocab: Demand Curve Journal: 1.)Look at Figure 4.3 on page 90. How many slices does Ashley demand when price is at $4.00 per slice? 2.) How are the two demand curves similar? Different? Economics

10/16/15 Vocab: Normal Good Journal: 1.) Are inferior goods elastic or inelastic? Explain! 2.) Create an example of how demographics can change the demand for a good. Come up with a real life example. 3.) Complete the web diagram on p. 91 Economics

10/19/15 Vocab: Complements & Substitutes Journal: 1.) If the demand for a good increases, what will happen to the demand for its complement? 2.) List three goods that could be considered substitutes for movie tickets. Why did you select each of these goods? Economics

10/20/15 Vocab: Elasticity of Demand Journal: 1.) Look at Figure 4.5. Read about Elastic Demand and Inelastic Demand. What is the formula for computing elasticity of demand? 2.) Copy and Complete the table from page 97 into your journal. Economics

10/21/15 Vocab: Total Revenue Journal: 1.) Look at Figure 4.7 on page 104. Why will revenue fall if a firm raises the price of a good whose demand is elastic? 2.) What happens to total revenue when price decreases, but demand is inelastic? Why? Economics

Ch.4 Review On Graph Paper 1.) Complete the Table: 2.) Are these Goods Elastic or Inelastic? Explain 3.) Graph the data in the table, draw a shift to the left, and shift the right? Label the graph (individual or market), and label the shifts with the causes. Good A Sub?Good B Sub? Scenario 1PDIPDI Scenario 2PDIPDI Cost Per Miniature Golf Game Miniature Golf Games Played $ $ $ $4.0080