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Micro Lesson 2: Demand Assignment • Think of a good or service that you buy regularly (at least once a month). • Create a T-Chart, with “Price” on the left and “Quantity” on the right. • Halfway down the chart, list your item’s current price, and the quantity you buy per month. • Estimate the quantity you would purchase if the price were 25% higher, and if it were 25% lower, & record these prices/quantities on your chart. Repeat at 50%. The Law of Demand Price is inversely related to quantity demanded. Demand vs. Quantity Demanded “Demand” is the whole picture…all of the quantities demanded at every price. Quantity demanded is a specific quantity at a specific price. Assignment • Obtain marker boards and markers. • Recreate the graph on the board. • Plot the data from your demand schedule (T-chart) from earlier. • Connect the dots. Group Quiz Obtain Your Clickers. Closed Notes. 1. What is the quantity demanded at a price of $3? Price 5 . A. 1 B. 2 C. 4 D. 7 4 3 . 2 D 1 1 2 3 4 5 6 7 8 9 .10 Quantity 2. What is the price at a quantity demanded of 1? Price 5 . A. 1 B. 2 C. 5 D. 8 4 3 . 2 D 1 1 2 3 4 5 6 7 8 9 .10 Quantity 3. On the graph showing a demand curve, ______ is on the horizontal axis, & _______ is on the vertical. • • • • A) Price, Demand B) Demand, Price C) Price, Quantity D) Quantity, Price 4. From left to right, the demand curve generally slopes: • • • • A) Upward B) Downward C) Horizontal D) Vertical 5. As price goes down, quantity demanded: • A) rises • B) falls • C) stays the same