Economics – 11/06/19

I. Bellwork

If the quantity supply and quantity demand for squash is at equilibrium, then a drought occurs  damaging the squash crop:

Question & Answer

1. What will happen to supply?
2. What will happen to the price of squash?
3. What will happen to the quantity of squash?

II  Objective

• Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, surpluses, and shortages.
• Integrate and evaluate information presented in order to determine the impact on equilibrium price and quantity

III. Discussion

A.  Shifting  Demand and Supply

Shifting Demand and Supply- Macro Topic 1.6 (Micro Topic 2.7)

Double Shifts- Supply and Demand

From a starting point of D & S

1. What is the current equilibrium price? Where S & D intersect.
2. What is the new price if demand remains constant and supply increases to S2?
3. What would be the new price if demand decreases to D1 and Supply increases to S2?
4. What would be the price if demand remains constant D and Supply increases to S1?
5. What could cause an increase in the supply of gold?

IV. Classwork:

Economics F2019