Answer each question in a thorough, well-supported and explained response.
1. Define demand. What does the law of demand state? Express it in words, in symbols (clip art or images), and as a graph.
2. Define supply. What does the law of supply state? Express it in words, in symbols (clip art or images), and as a graph.
3. Discuss the five factors that cause demand curves to shift and give a specific example of each one.
4. Describe the five factors that shift the supply curve and what causes a movement along the supply curve.
5. What does it mean when a supply curve shifts to the left? Shifts to the right? Compare a shift of the curve to a movement along the curve.
6. Define elasticity of demand and describe how it is calculated; give examples of elastic and inelastic goods.
7. Describe equilibrium three ways: in words, with symbols, and as a labeled graph.
8. Describe how price acts as a signal in the marketplace to buyers and sellers.
Submitting your work:
Click on the “Add Submission” button to upload a document. PDF is the preferred file format (choose ‘save as’ from the file menu and change the file format to PDF). Alternatively, you can use the text box on the submission page to recreate the worksheet. Click on the first button in the toolbar to access all the formatting tools.
Please insure that any and all quotes used in your work are properly attributed to their original author through quotation marks and citations to avoid issues of plagiarism, which will have a negative impact on your grade.
Review the ‘submitting your assignment’ document we provided at the beginning of the course for more details about citing your sources, and for other useful tips too.
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