1. Welcome, I am at your Demand…. “Equilibrium is well-defined in theory, not often found in practice.” - Anonymous

2. Chapter 4.1 Demand page 78- 83

3. Setting up the Problem

4. Target Objective(s)  Demand: 4.1 (p 79-83) in our text  Explain the law of demand  Understand how the substitution and income effects influence decisions  Create a demand schedule for an individual and a market  Analyze the information presented in a demand curve

5. Complete the following schedule–assume a can of your favorite beverage sells for 75 cents: 1.How many cans of pop do you buy in an average month? 2. How many cans would you buy if the price went up by (a) $0.15 (b) $0.40? 3. How many cans would you buy if the price went down by (a) $0.15 (b) $0.40? 4. Use your answers to questions 1-3 to complete the following table: Price: Cans bought--$1.15? $0.90? $0.75? $0.60? $0.35? 5. Draw a graph putting price on the 'y' (vertical) axis and number of cans bought on the 'x' (horizontal) axis.

6. Price Cans bought 1.15?.90?.75?.60?.35? Price Quantity Demanded Individual demand schedule

7. Price Quantity Demanded Group (market) demand schedule PriceABCDETotal 1.15.90.75.60.35

8. Reciprocal Teaching step 1

9. Reciprocal Teaching step 2

10. Reciprocal Teaching step 3

11. Reciprocal Teaching step 4 Summarizing

12. PREDICT: Write one or two sentences that predict what the passage will be about. Base your response on the title or any other information contained in this text.

13. "I sat and thought for a moment, and then the penny dropped." CLARIFY Write down any words, phrases, or ideas that you do not understand as you read. After you have written down the words or ideas that need clarification, try to figure out what they mean by using the clarification clues you have learned. Do not use a dictionary. You may ask the teacher or a family member for help if you are not able to clarify a word. If you do not need to clarify any words, phrases or ideas, write NONE in the space provided. You may ask the teacher or a family member for help if you are not able to clarify a word. If you do not need to clarify any words, phrases or ideas, write NONE in the space provided.

14. VISUALIZE – MAKE A PICTURE IN YOUR MIND After you finish reading, draw a picture of what the passage makes you see in your imagination. Draw it on this paper in the space below.

15. QUESTION – ASK “TEACHER-LIKE” QUESTIONS Pretend you are the teacher and are going to give a test about what you have just read. Using the reciprocal teaching cards, write three “teacher-like” questions about the passage. 1. 2. 3.

16. SUMMARIZE Complete this summary frame about the passage you have just read. The passage about _______________________________________ _____________________________________________________ begins with_____________________________________________ __________________, discusses (or develops) the idea that _______ _____________________________________________________ ______________________________and ends with _____________