Unit 2 (Supply and Demand)

Unit 2

Supply and Demand

 Demand
1. Define and Explain the Law of Demand
2. Understand what a Demand Schedule is and interpret data to derive an Individual and Market      Demand Curves
3. Explain and illustrate the inverse relationship between price and quantity demanded.
4. Graph the relationship between price and quantity demand on a set of axis
5. Identify and explain the variables (other than price) that shift the demand curve
6. Define, explain and intrepret the significance of Elasticity of Demand

 Powerpoint for the Basics of Demand
View Video on Law of DEMAND (another video on Law of Demand, #2. #3, #4, #5)
View Video on What Shifts the Demand Curve
View Video showing BOTH of these concepts

Worksheet for Demand #1, #2

Online Tutorials

Supply
1. Define and Explain the Law of Supply
2. Understand what a Supply Schedule is and interpret data to derive an Individual and Market      Supply Curves
3.. Explain and illustrate the inverse relationship between price and quantity supplied.
4  Graph the relationship between price and quantity supplied on a set of axis
5. Identify and explain the variables (other than price) that shift the supply  curve
6. Define, explain and intrepret the significance of Elasticity of Supply

Powerpoint for the Basics of Supply
View video on Law of Supply (another video on Law of Supply)
View video on What shifts the Supply Curve (another video on what shifts the Supply Curve)

Homework
Online Quiz for Supply
Worksheets for Supply #1

Online Tutorials


Supply and Demand Together

 1. Define and illustrate equilibrium.
2. Distinguish between changes in supply and demand and between changes in quantity demanded and supplied. 
3. Interpret and compute equilibrium price and quantity from graphs, mathematical equations, and/or data. 
4. Predict the changes in prices and quantities given changes in demand and/or supply.
5. Illustrate and correctly label a supply and demand graph.
6. Show changes in supply/demand.
7. Show the effects of a price ceiling and price floors.
8. Show a change in demand (supply) versus a change in quantity demanded (quantity supplied).

Powerpoint for Increasing and Decreasing Demand
PowerPoint for Increasing and Decreasing Supply--How and why the curvses shift
View video on Disequlibrium in the Market


Worksheet---Demand and Supply Together (CLICK HERE for PPT solutions for this worksheet)
Homework
Worksheet for Supply and Demand Together #1

Online Tutorials
My Blog Entries on Supply/Demand Curve Shifts #1, #2, #3, #4, #5, #6, #7, #8, #9,  #10, #11

Additional Powerpoints that shift Demand or Supply Curves in all situations













Price Ceilings and Price Floors
1. Define and explain the effects of price ceilings and price supports.
2. Define and illustrate surpluses and shortages.
3. Define effects of surpluses and shortages on prices and quantities.
4. Know how to impose an effective price ceiling and how to interpret graphs.

Powerpoint for Price Ceilings.  Powerpoint for Price Floors
Video for Price Ceilings and Price Floor 
Uploaded by Gene on WizIQ Tutorials
PowerPoint for PRICE FLOORS

Video for Price Ceilings and Price Floors


Online Quiz for Price Ceiling and Price Floors

Online Tutorials
Price Ceilings and Price Floors

Interactives for Price Floors and Price Ceilings #1, #2, #3

 Consumer/Producer Surplus
Online Tutorial for Consumer and Producer Surplus

 Consumer Surplus
Producer Surplus
Elasticity
  1. Define price elasticity of demand
  2. Apply the law of demand to the price elasticity of demand
  3. Understand the factors that determine whether the price elasticity of demand is elastic or inelastic
  4. Compare the elasticities of different goods
  5. Calculate the price elasticity of a good
  6. Identify the determinants of elasticity of Demand
  7. Understand the factors that determine whether the price elasticity of demand is elastic or inelastic.
  8. Be able to recognize that the slope of the demand curve reflects relative elasticity
  9. Learn the difference between price elasticity, cross elasticity and income elasticity\
Video--- Elasticity #1 HERE
            Elasticity on an ELASTIC good HERE
            Elasticity on an INELASTIC good HERE

Online Quiz for Elasticity

Online Tutorials For Elasticity
ALL OF THEM


Incidence of Tax--Who Bears the Burden
  1. Examine the impact on efficiency of excise taxes, price ceilings and price floors
  2. Learn how a tax burden is shared between producers and consumers.
PowerPoint for Incidence of Tax

Effects of a Tariff 

  1. Describe the economic impact of tariffs, including both direct and indirect effects.
Videos for Tariffs (Welker)  #1, #2, #3

Online Tutorials for Tariffs
Tariffs

Online Quiz for Tariffs (take on your own. NOT graded but very helpful)

Socially Optimal Market Price and Quantity
Public Goods
  • Private goods characteristics
  • Public goods characteristics
  • Optimal quantity of a public good
  • Demand for a public good
  • Marginal benefit and marginal cost
  • Cost-benefit analysis
Externalities
  • Negative Externalities
  • Positive Externalities
  • Individual Bargaining: "Coase Theorem"
  • Government intervention
  • Market-based approach to negative externalities
  • Global Warming
Video(s) on Social Welfare #1 (Negative Externalities), #2 (Positive Externalities), #3 (Application)

Online Tutorials
Negative Externalities
Positive Externalities


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