1. Take out Monopoly Worksheet  You will work on these questions individually for the first 10-15 minutes of class  This will be collected  I will come around to help if needed  We will then briefly go over some of the questions

2. Primary Updates  http://www.nytimes.com/elections/results/new-york http://www.nytimes.com/elections/results/new-york  Next Tuesday is the PA Primary!

3. Initial ValueWinning BidNet Benefit/CostPercentage 280 2305018% NB 320 305155% NB 200 230-30-15% NB 450 503-53-12% NB Analysis

4. What affects the highest value you would bid?  Past experience –which property I like  Face value of property –where it is on the board  Which properties I already have  How money currently have  How much money I want to save before the game starts  What my competitors have in terms of property

5. Determining Quantity Demand

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

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

8. 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

9. 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

10. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 Q

11. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 Q As the price goes down The quantity goes up

12. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 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

13. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 Q There is a HUGE difference between the terms quantity demanded and demand. For example, at $8 the quantity demanded is 3 units.

14. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 Q There is a HUGE difference between the terms quantity demanded and demand. For example, at $8 the quantity demanded is 3 units.

15. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 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.

16. Law of Demand P $9 $8 $7 $6 $5 Price $9 $8 $7 $6 $5 Quantity Demanded 2 3 4 6 8 1 2 3 4 5 6 7 8 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.