Graph Each Demand Schedule in the Space Beside the Chart

Graphing Demand, p. 71 Chapter 21.1 Graph each demand schedule in the space beside the chart.

1. Can of Dr. Pepper Price Quantity Demanded $0.25 1000 $0.75 800 $1.25 500 $2.00 100

2. Weekly consumption of gasoline in gallons Price Quantity Demanded $2.00 150 $2.75 140 $3.25 130 $4.00 110

3. Which is the most elastic? Why?

4. Which is the most inelastic? Why?

Graphing Demand, p. 71 Chapter 21.1 Graph each demand schedule in the space beside the chart.

1. Can of Dr. Pepper Price Quantity Demanded $0.25 1000 $0.75 800 $1.25 500 $2.00 100

2. Weekly consumption of gasoline in gallons Price Quantity Demanded $2.00 150 $2.75 140 $3.25 130 $4.00 110

3. Which is the most elastic? Why?

4. Which is the most inelastic? Why? Graphing Supply, p. 73 Chapter 21.3 Graph each supply schedule in the space beside the chart.

1. Cans of Dr. Pepper Price Quantity Supplied $0.25 100 $0.75 1000 $1.25 4000 $2.00 8000

2. New video game system Price Quantity Supplied $150 200 $220 400 $280 650 $350 2000

3. Which of these is most elastic? Why?

4. Which of these is most inelastic? Why?

Graphing Supply, p. 73 Chapter 21.3 Graph each supply schedule in the space beside the chart.

1. Cans of Dr. Pepper Price Quantity Supplied $0.25 100 $0.75 1000 $1.25 4000 $2.00 8000

2. New video game system Price Quantity Supplied $150 200 $220 400 $280 650 $350 2000

3. Which of these is most elastic? Why?

4. Which of these is most inelastic? Why? Setting Prices, p. 75 Chapter 21.4 Graph & label each price schedule beside the chart to determine equilibrium price & quantity

Quantity Price Quantity Supplied Demanded 10 $2 45 20 $6 35 30 $10 30 45 $14 15

Quantity Price Quantity Supplied Demanded 3 $1 15 5 $3 12 9 $7 9 11 $9 2 14 $10 0

Constructed Response: Complete the questions for each scenario: 1. The cost of sugar has skyrocketed due to a blight that wiped out most of the sugar beet crop in Europe. a. How will this affect the supply of European Chocolate? Why? b. How will this affect the demand of European Chocolate? Why? c. How will American Sugar Cane growers benefit? Explain. d. How will the demand for American Chocolate be affected? Explain.

2. Several famous stars and celebrities are spotted wearing fashion from a small company out of Harbinger, NC called Jarvis Designs. Suddenly, everyone wants to know more about this company’s items. a. How will this attention affect the demand for Jarvis Designs’ clothing? Why? b. How will this attention affect Jarvis Designs’ supply? Why? c. Who will be negatively affected by this trend? Explain. d. How will a shortage of these fashions affect the market? Explain.