Economics – 6/08/2016

I. Bellwork: Question & Answers

A. Graph an example of a Price Floor
1. Who benefits from it?
2. What does it create (shortage/surplus)?
3. Provide an example.

B. Graph an example of a Price Ceiling.
1. Who benefits from it?
2. What does it create (shortage/surplus)?
3. Provide an example

II. Objectives:
• Analyze and provide examples of how price controls are practiced and their impact.
• Identify the impact resulting from changes in Demand and Supply on equilibrium Price and Quantity
• Integrate and evaluate various graphic models in order to address a question or solve a problem.

III. Classwork