Supply, Demand, Price, and Quantity – NOTES and ASSIGNMENTS

Name__________

Equilibrium: _________________________________________________________________________________________________ ____________________________________________________________________________________________________________

Equilibrium Price and Quantity: (Label Graph)Abbreviations for word problems: (Label Graph)

Example 1: Example 2:

A late freeze destroys much of the Florida orange crop.An ice storm knocks electricity out for a week.

Market for Orange Juice: market for generators

(1. Show change in supply Or demand by shifting line

(2. Label as S2 or D2

(3. Label new equilibrium price as Q2 and P2

(4. Describe what happened to equilibrium price/quantity

Jelly Beans Supply and Demand: Which graph fits the scenario – choose A, B, C, or D.

1)

1) Price:

Quantity Bought/Sold:

3) Price:

Quantity Bought/Sold:

5) Price:

Quantity Bought/Sold:

7) Price:

Quantity Bought/Sold:

9) Price:

Quantity Bought/Sold:

2) Price:

Quantity Bought/Sold:

4) Price:

Quantity Bought/Sold:

6) Price:

Quantity Bought/Sold:

8) Price:

Quantity Bought/Sold:

10) Price:

Quantity Bought/Sold: