APPLIED ECONOMICS: DEMAND, SUPPLY AND EQUILLIBRIUM

Answer the ff:

-ACT1

-ACT2

-EVALUATIONS FROM 1-15

-REFLECTION

J papers in answering all the activities lie anything on the Learning Activity Sheet (LAS). Activity 1 - Draw It! On a short bond paper, make your own demand schedule, demand curve, supply schedule, supply curve, market schedule and market curve. Activity 2 Direction: Write your answer in a yellow paper. Make a list of TV advertisements you believe are particularly persuasive. Explain how each is designed to shift consumer demand curves for the product. To which of the determinants of demand do the ads appeal? Activity 3 Direction: Write your answer in a yellow paper. Identify five products that have experienced either an increase or a decrease in supply over the past year. Explain what event(s) caused the shift in supply for each of the products and which of the five determinants of supply the shift demonstrates. Evaluation Note: Do not write anything on any part of the Learning Activity Sheets (LAS). Direction: Write your answer in a yellow paper. Choose the letter of the correct answer inside the box for the questions that follow. Write the answer only. Choicesa. Demand k. law of supply b. Elastic 1. individual demand c. Tastes m. shortage d. Demand curve n. surplus e. Elasticity of demand o. law of diminishing marginal utility f. Inelastic p. individual supply g. Marginal utility q. total revenue h. Law of demand r. market demand i. Complements j. market equilibrium Questions 1. The sum of the individual demands of all consumers in the market. 2. The more of a good a person consumes per period, the smaller the marginal utilityeach additional unit consumed, other things constant. 3. The amount by which quantity supplied exceeds quantity demanded. 4. It usually forces the price up. 5. A relationship showing the quantities of a good that consumers are willing and able to buy per period at various prices, other things constant 6. The change in total utility resulting from a one-unit change in consumption of a good. 7. The supply from an individual producer. 8. When the quantity consumers are willing and able to buy equals the quantity S wives producers are willing and able to sell. 9. Measures how responsive quantity demanded is to a price change; the percent change in quantity demanded divided by the percent change in price. 10. The resulting elasticity exceeds 1.0 11. Price multiplied by the quantity demanded at that price. 12. The quantity of a good demanded per period relates inversely to its price, other things constant. 13. The demand of an individual consumer. 14. A curve showing the relationship between the price of a good and the quantity demanded. 15. The quantity of a good supplied during a given time period is usually directly related to its price, other things constant. notsuls Reflection As a student, have experienced surplus and shortage? How do you handle this especially in this new normal