Quizlet Flashcards (Mostly helpful for drilling determinants)


Demand


Interactive Chart. (Ignore determinants 7 and 8. They are outside the scope of our course).

Supply


Interactive Chart


Shifts of Supply and Demand
Interactive Chart

Equilibrium



Elasticity

1. Know the effects of different elasticities (Elastic, Inelastic, and Unit Elastic) when there is an increase/decrease in Price or Quantity Demanded.

Be able to do a question like this:

Pizzas Demanded per Week
Price (per slice)
Quantity Demanded
$6
100
$5
150
$4
200
$3
300
$2
450
$1
600
$0
800

a. What is the elasticity of demand between $4 and $5?
b. Is the change in Quantity Demanded from $5 to $6 inelastic, unit elastic, or elastic?



Price Ceilings/Price Floors


Focus your study for the exam:
1. Determinants of Supply, Demand, and Elasticity. Apply determinants to problems to decide what shifts happen to the curve.
2. Elasticity. Mathematically figure out Elasticity
3. Equilibrium Price
4. Create Supply/Demand Curve from data table
5. Shift Supply/Demand Curve (How does the quantity/price change? How is this reflected on paper?)
5. Price Ceilings/Price Floors (MAKE SURE YOU GO THROUGH THE POWERPOINT AT THE BOTTOM OF THIS PAGE)
7. Supply vs. Quantity Supplied.
8. Demand vs. Quantity Demanded.