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Supply and Demand

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Lindsey Skoog

on 13 October 2016

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Transcript of Supply and Demand

Watch the following video clip: Answer the following Questions: 1. Why does the business owner lower the price? 2. What gave the business owner the incentive to raise the price? 3. What does a higher price tell consumers (customers) about the demand for the product? Supply and Demand The Law of Supply As the price of a good or service that producers are willing and able to offer for sale during a certain period of time rises (or falls), the quantity of that good or service supplied rises (or falls). The Law of Demand As the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls) the quantity of that good or service demanded falls (or rises). iphone 5 iphone 1 Class Auction Pretend you each have $5,000 dollars to spend at an auction. What do you want to buy? How much are you willing to spend to our bid your classmates? DVD and Blu-Ray complete set of America: The Story of Us Tickets to Sold Out Black Veil Brides Show Dinner and a Movie with Justin Bieber All expenses paid tropical vacation for you and two friends. A+ in Social Studies Equilibrium A position were economic forces are balanced. Think, Pair, Share. How would an unusually mild winter, say temperatures never dip below 40 degrees, affect sales on winter coats? Bathing suits.

A. How many different types of bathing suits are there in January?

B. What is the typical price of a bathing suit during the winter months?

C. How many different types of bathing suits are there at the start of summer?

D. What is the typical price of a bathing suit in June? 3. Say Kim Kardashian is spotted out on the town with Kanye West. The fashionable pair both sport a pair of matching Gap Jeans.

A. How does this affect the demand for Gap Jeans?
B. How does this affect the price? Miley Cyrus and her beau Liam Hemsworth were photographed coming out of Namaste Yoga Studio in Los Angeles, CA. Later, Miley went on to be interviewed in Vogue Magazine, and talked about the health and weight loss benefits of yoga.
A. How does this affect enrollment of classes at Namaste Yoga Studio?
B. How would this affect the enrollment of yoga classes around the United States? Based on these questions, how do external factors affect price, supply, and demand? DVD of Brave by Pixar A Corgi Puppy
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