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Demand Review Do NOT waste the white board pen! Tomorrow’s test will NOT be multiple choice. It will be Short-answer and graphing!!!!! Make sure your Group # is clearly shown on your Dry-Erase Board at all times Demand Schedule Using Half the Dry-Erase Board. . . Draw a demand schedule at price intervals of every 20 cents beginning at sixty cents and ending at $2.00. For quantity purchased, do intervals of 2 units beginning with zero and ending at 14. Make sure it follows the Law of Demand! Demand Curve Using your demand schedule, on the other half of your DryErase Board, draw your demand curve at those intervals. Marginal Utility Explain what marginal utility is Explain what the law of diminishing marginal utility is Determinants of Demand List these major determinants of demand In Times Past Really Good (there are two types of related goods) For each, write down an example and be able to explain it Determinants of Demand List these major determinants of demand White Beans Existed For each, write down an example and be able to explain it Demand Graph - Decrease Using Half the Dry-Erase Board. . . Draw a demand graph showing the appropriate shift if demand decreases. Title in large letters, “Decrease in Demand” Demand Graph - Increase Using The Other Half the Dry-Erase Board. . . Draw a demand graph showing the appropriate shift if demand increases. Title in large letters, “Increase in Demand” Elasticity Explain what we mean when we say that a product’s demand is price elastic Provide an example and explain Draw a graph that show’s a product’s demand is price elastic Inelastic Explain what we mean when we say that a product’s demand is price inelastic Provide an example and explain Draw a graph that show’s a product’s demand is price inelastic 3 Characteristics of products that would have inelastic demand 3 Characteristics of products that would have elastic demand Changing Income – Inferior goods What are Inferior Goods? If income goes Demand goes ? Elastic, Inelastic or Unitary Write the formula that is used to determine Price Elasticity of Demand? Elastic, Inelastic or Unitary? % change in price = 10 % change in quantity demanded = 10 Elastic, Inelastic or Unitary % change in price = 25 % change in quantity demanded = 5 Elastic, Inelastic or Unitary % change in quantity demanded = 20 % change in price 10 = Changing Attitudes If attitude towards a product declines ( ) Demand will go ? Changing Price of Substitute Products If price of butter goes down ( ) The go ? demand for margarine will Changing Price of Complementary Products If the price of hamburger patties goes up ( ) The demand for hamburger buns goes ? Write the 3 important Components of Demand Demand Graph Hold up the graph that red or yellow created that will represent the effect an increase in price of Sprite will have on 7up.