Supply and Demand

1. Supply and Demand Directions: On each of the demand/supply graphs provided, move the demand or supply curve to indicate the influence of these statements on the markeT. Indicate the effect on price and quantity.

2. The Market for the IPad • The Ipad originated in 2010 and has consistently been the leader in the market for tablets. • This PPT will be based on the market for Ipads.

3. Part 1: Complementary Products • Find 3 products, such as the ones below, that would be considered complements to the Ipad. Find and paste pictures on the next 3 slides and type a description of how these products are complementary to the IPad.

4. Complementary Product 1 Type description here

5. Complementary Product 2 Type description here

6. Complementary Product 3 Type description here

7. Part 2: Substitute Products • Find 3 products that would be considered substitutes to the Ipad. Paste their pictures on the next 3 slides and type a description of how these products are substitutes to the IPad.

8. Substitute Product 1 Type description here

9. Substitute Product 2 Type description here

10. Substitute Product 3 Type description here

11. The Market For Oil • Oil has become the lifeline for modern economies, providing products such as gasoline and plastics. For each of the following slides indicate the affect of the scenario on the supply and demand for oil products.

12. The Market for Oil • There is an increase in the popularity of gas guzzling automobiles would affect the market for oil (gas is a derivative of oil). • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S Place Picture Here Pe Pe D D Qe Qe Quantity of Oil

13. The Market for Oil • Imagine there is a global recession, which caused people to travel less, will would affect the market for oil (used to create gasoline). • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S Place Picture Here Pe Pe D D Qe Qe Quantity of Oil

14. The Market for Oil • Suppose a war breaks out in the Middle East, which causes oil producing countries to cut back on their production of oil, would affect the market. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity of Oil

15. The Market for Oil • Show how U.S. congressional action that allows oil-drilling operations in previously untapped Alaskan preserves, would affect the market. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity of Oil

16. The Market for Oil • Hybrid cars (which run on less gasoline) increase in their popularity and people stop purchasing gas guzzling automobiles. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity of Oil

17. The Market for Oil • Emergingg markets, such as China, India, etc. open their borders to trade. They have more money to spend and begin buying cars from around the world.. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity of Oil

18. Dieting • A new diet has become popular. This diet calls for lots of meat and vegetables, with little or no breads and fruits. Due to this diet, how would each of the following slides be affected?

19. Dieting • Show how the new diet would affect the market demand for meat. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity

20. Dieting • Show how the new diet would affect the market demand for bread. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity

21. Dieting • Show how the new diet would affect the market demand for fruits. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity

22. Dieting • Show how the new diet would affect the market demand for vegetables. • Move curve and arrow in the direction of the shift. Indicate the effect of price on and quantity. Price S S Place Picture Here Pe Pe D D Qe Qe Quantity

23. Supply and Demand InteractiveGo to: https://americanheritage.byu.edu/Pages/GamesandActivities/Supply-and-Demand-Interactive-Chart.aspx • What is the product being sold? _________________________ • Create a supply and demand schedule for each of the following price points: • List the following: • Market clearing price (equilibrium price) _________ • Quantity equilibrium _________ • Description of equilibrium price (found at top of page)_______________________ • What is the surplus at $ 8 __________ • What is the surplus at $ 6 __________ • Description of surplus _________________________________________________ • What is the shortage at $ 3 _________ • What is the shortage at $ 4 _________ • Description of shortage ________________________________________________

24. Go to: http://www.reffonomics.com/TRB/chapter4/sd12.swfShift the curve on the website above in order to fill in the blanks for each of the following: