Download Graphing Supply and Demand

Graphing Supply and Demand
Demand and Supply for skateboards
Demand
Price ($)
Supply
0
50
60
70
80
90
100
110
120
100
90
80
70
60
50
40
30
20
Surplus or
Shortage?
Pressure on
Price
80
70
60
50
40
30
20
10
0
1. Complete the “surplus or shortage” and “pressure on price” columns.
2. Graph the demand and the supply curve. Remember that price is always on the
vertical axis and quantity is on the horizontal axis. Label each as S for supply and
D for demand.
3. At what price is there equilibrium? Indicate where equilibrium occurs on your
graph as well.
4. What does equilibrium mean?
5. At $100.00 is there a shortage or a surplus? Indicate this on your graph as well.
Be sure to use your textbook as a guide.
6. At $30.00 is there a shortage or a surplus? Indicate this on your graph as well.
Be sure to use your textbook as a guide.
7. How does the graph illustrate how shortage and surplus occur?
8. How does competition among buyers force price up toward equilibrium? (pg. 80
in text)
9. How does competition among producers force price down toward equilibrium?
(pg. 80 in text)
10. There is a direct relationship between price and supply. Explain this statement.
11. There is an inverse relationship between price and demand. Explain this
statement.
Student:
______________________________________________________________________________
Date:
______________________________________________________________________________
Assignment: ______________________________________________________________________________
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CRITERIA
4
3
2
1
Demonstrates an understanding
of facts, terms, and concepts
related to economics
• Consistently
demonstrates
thorough
understanding
through correct
application,
definition, and
usage of facts,
terms, etc.
• Demonstrates
considerable
understanding most of
the time through
correct application,
definition, and usage
of facts, terms, etc.
• Demonstrates some
understanding
through correct
application,
definition, and usage
of facts, terms, etc.
• Demonstrates limited
understanding through
correct application,
definition, and usage
of facts, terms, etc.
Communicates economic
information and analysis clearly,
effectively, and
accurately, utilizing the
following effective graphing
techniques:
• appropriate title
• axes labelled
• appropriate choice of axes
for data
• graphs labelled
• arrows demonstrating curve
movements
• written description that
supports graph
• Graphs are neatly
and clearly
presented,
effectively utilizing
all required
techniques
• Graphs are clearly
presented utilizing
most of the
required techniques
• Graphs are
presented utilizing
some of the required
techniques
• Graphs are presented
utilizing few of the
required techniques
Demonstrates ability to explain
economic concepts, models,
theories, and/or terms utilizing
graphs
• Graphs consistently
demonstrate correct
properties in terms
of slopes, shapes,
and intersection
points
• Graphs mostly
demonstrate
correct properties
in terms of slopes,
shapes, and
intersection points
• Graphs occasionally
demonstrate correct
properties in terms
of slopes, shapes,
and intersection
points
• Graphs rarely
demonstrate correct
properties in terms of
slopes, shapes, and
intersection points
• Explanation of
economic concept,
model, theory,
and/or term is
demonstrated with
a high degree of
effectiveness
• Explanation of
economic concept,
model, theory,
and/or term is
demonstrated with
a considerable
degree of
effectiveness
• Explanation of
economic concept,
model, theory,
and/or term is
demonstrated with
some degree of
effectiveness
• Explanation of
economic concept,
model, theory, and/or
term is demonstrated
with a limited degree
of effectiveness
0
No Attempt
No Attempt
No Attempt