Supply and Demand Review Worksheet

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Name _________________________________ Period ______ Date ______________

Supply and Demand Review Worksheet Things to Remember

Supply and Demand are opposites As prices change they react opposite to each other As demand changes, surpluses or shortages may be created. A surplus or shortage may force suppliers to make changes in consumer prices

The Law of Supply: •

As price increases the producer has an incentive to ____________ or supply ________.



If price decreases, the producer has an incentive to ____________ or supply ________.

The Law of Demand: •

As the price ____________, more people will be unwilling or ________ to purchase the product.



As the price ____________, more people will be ___________ and able to purchase the product.

Draw and Label the supply and demand curves for the supply and demand schedules below Be sure to label ALL of the following items in the chart: The X and Y axis (price & quantity) • Price in Dollars / Quantity in Millions The Supply Curve The Demand Curve The Equilibrium Point Highlight and label the areas where Surpluses and Shortages occur. Price In Dollars $50 $40 $30 $20 $10

Quantity Supplied 250 mil. 210 mil. 180 mil. 100 mil. 50 mil.

Price In Dollars $50 $40 $30 $20 $10

Quantity Demanded 100 mil. 130 mil. 160 mil. 210 mil. 300 mil.

Examine the graphs below. Label each one as either a supply or demand curve. Highlight the curves that are the most elastic of the two supply curves and the most elastic of the two demand curves.

Name _________________________________ Period ______ Date ______________ What does the man not understand? ________________________________________________________ ________________________________________________________ What can we say about demand and supply? ________________________________________________________ ________________________________________________________ What happens if demand increases? ________________________________________________________ ________________________________________________________ Complete the chart below by filling in each of the factors that influence Supply and Demand: Factors the Affect Demand

Factors that Affect Supply























• •

Read the following statements and then based on whether there would be a resulting change in supply or demand, draw in the new curve and label the areas where the resulting surpluses or shortages would occur.

A new apartment building in the area fills with families. What would happen to the supply or demand curve for milk in that same area?

A new manufacturing method is developed for cell phones, cutting the costs of production by 15%. What would happen to the supply or demand curve for cell phones.

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Supply and Demand Review Worksheet

Name _________________________________ Period ______ Date ______________ Supply and Demand Review Worksheet Things to Remember Supply and Demand are...

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