NAMEISUPPLY AND DEMAND -3.2.6 Law of Demand Homework DIRECTIONS This activity has two sections. On the front side, ficti

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Nameisupply And Demand 3 2 6 Law Of Demand Homework Directions This Activity Has Two Sections On The Front Side Ficti 1 (72.42 KiB) Viewed 29 times

NAMEISUPPLY AND DEMAND -3.2.6 Law of Demand Homework DIRECTIONS This activity has two sections. On the front side, fictional newspaper headlines illustrate the market for pizza in a college town. Determine if the quantity demanded changed (which means only the price of pizza has changed), or if the entire demand has changed. If only quantity demanded changed, circle "No Change." If the entire demand has changed, identify if it was an increase or a decrease, and identify which determinant of demand is responsible. On the back side, there is a similar activity. DETERMINANTS OF DEMAND a Events That Increase Demand A) Consumers enter the market B) Consumers have more money C) Consumers expect good things to happen in the future D) Product is a fad (popular) E) Price of a substitute good increases F) Price of a complementary good decreases Events That Decrease Demand G) Consumers leave the market H) Consumers have less money 1) Consumers expect bad things to happen in the future 1) Product goes out of style K) Price of a substitute good decreases L) Price of a complementary good increases a INTERPRET HEADLINES FROM THE MARKET FOR "PIZZA IN A COLLEGE TOWN" 1) College Students Arrive for Fall Semester Today Increase Decrease No Change Determinant of Demand 2) College Students Expect Tuition to Be Higher for Spring Semester Increase Decrease No Change Determinant of Demand 3) Price of Soda Skyrockets Increase Decrease No Change Determinant of Demand 4) Twice As Many College Students will Work This Year Than Last Year Increase Decrease No Change Determinant of Demand 5) Pizzas Are Half Price on Tuesdays Increase Decrease No Change Determinant of Demand 6) Price of Sub Sandwiches Has Increased Increase Decrease No Change Determinant of Demand 7) College Students Return Home for the Summer Increase Decrease No Change Determinant of Demand