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EXPLAIN an experience or example that shows the “real world” application of each of the following. Define the terms in your own words and use examples that clearly demonstrate your understanding of each concept.  \ni. The Law of Demand and the Law of Supply (  /5)  \nii. The Law of Diminishing Marginal Utility (  /5)  \niii. Normal Goods and Inferior Goods (  /5)  \niv. Consumer’s Surplus and Producer’s Surplus (  /5)  \n2. Supply and Demand Worksheets  \na. Complete the study guide entitled “Demand and Supply Study Guide”(  /10)  \nb. Complete the worksheet entitled “Demand and Supply Practice”(  /15)  \n3. Government Intervention:  \na. EXPLAIN the results of the three following government policies. Be sure to draw each on a separate graph: price floor, price ceiling, production subsidy, and production quota. ( /5)  \nb. The government often uses excise taxes, called “sin taxes,” to manipulate consumption of cigarettes. Draw and label the shift from a tax. Identify the new price consumers pay, the price producers receive, the amount of tax revenue consumers pay, and the amount of tax revenue producers pay. Lastly, EXPLAIN why it is unlikely that this tax will significantly reduce cigarette consumption. ( /5)  \nNOTE: On the test for this unit, but not on the AP MACRO test.  \n4. Elasticity  \nA. Give three reasons why the demand for some goods are elastic and others are inelastic. In your response, define elasticity and inelasticity. ( /5)  \nB. EXPLAIN how the total revenue test can be used to determine if a demand curve is elastic or inelastic.  \n( ____/5)  \n|  | Demand | Supply |  |\n| --- | --- | --- | --- |\n|  | Definition of Demand: | Definition of Supply: |  |\n|  | The Law of Demand: | The Law of Supply: |  |\n|  | Why is demand downward sloping? | Why is supply upward sloping? |  |\n|  | Demand Curve | Supply Curve |  |\n|  | What changes quantity demanded? | What changes quantity supplied? |  |\n|  | What changes in demand? (5 Shifters of Demand) | What changes supply? (6 Shifters of Supply) |  |\n|  | Explain the difference between a “change in demand” and change in “quantity demand” |  |  |\n|  |  |  |  |\n| Supply and Demand Together |  |  |  |\n\n\n| |  |  |  | Equilibrium-Qd  Qs\u003Cbr>Surplus-Qd  Qs\u003Cbr>Shortage-Qd  Qs |  |\n| --- | --- | --- | --- | --- | --- |\n| Definition of Consumer Surplus (CS)\u003Cbr>Definition of Producer Surplus (PS)\u003Cbr>Definition of Dead Weight Loss (DWL) |  |  |  | CS and PS\u003Cbr>|  |\n| Economic Analysis-What happens to P and Q? |  |  | Double Shifts in Demand and Supply\u003Cbr>|  |  |\n| \u003Cbr>Cereal Market\u003Cbr>1.\u003Cbr>2.\u003Cbr>ooo\u003Cbr>3.\u003Cbr>o | Draw Equilibrium Analyze Change\u003Cbr>Supply or Demand Shifter\u003Cbr>Increase or Decrease\u003Cbr>New Equilibrium\u003Cbr>What Happens to: Price  Quantity______ |  |  |  |  |\n| Change: Price of milk increases significantly |  |  |  |  |  |\n| Elasticity of Demand\u003Cbr>Elasticity of Supply |  | Inelastic Demand\u003Cbr>|  |  | Elastic Demand\u003Cbr>|\n| Elasticity of Demand Coefficients\u003Cbr>• Perfectly Inelastic\u003Cbr>• Relatively Inelastic\u003Cbr>• Unit Elastic\u003Cbr>• Relatively Elastic\u003Cbr>• Perfectly Elastic |  | Total Revenue Test\u003Cbr>Inelastic Demand\u003Cbr>When price increases, TR  \u003Cbr>When price decreases, TR  \u003Cbr>Elastic Demand\u003Cbr>When price increases, TR  \u003Cbr>When price decreases, TR   |  |  |  |\n\nDemand and Supply Practice  \nUse Economic Analysis to determine what happens to the price and quantity of computer games in each  \nscenario.  \n\n| \\# | Change | Graph | Economic Analysis |\n| --- | --- | --- | --- |\n| 1 | It becomes known that an electronics store is going to have a sale on their\u003Cbr>computer games 3\u003Cbr>months from now. | | 1. Draw and Label Equilibrium:\u003Cbr>2. The Change:\u003Cbr>Supply or Demand\u003Cbr>Increase or Decrease\u003Cbr>Shifter\u003Cbr>3. After: Price   Quantity  |\n| 2 | The workers who produce the computer games go on strike for over two months | | 1. Draw and Label Equilibrium:\u003Cbr>2. The Change:\u003Cbr>Supply or Demand\u003Cbr>Increase","cbCaiisFaVzBDAOf","https://ap.wps.com/l/cbCaiisFaVzBDAOf","pdf",251351,"English","# Unit 2 Supply and Demand\n## Concept explanations (real-world applications)\n## Supply and Demand worksheets\n## Government intervention (graphs and excise tax)\n## Elasticity (elastic vs inelastic; total revenue test)\n## Supply and Demand practice scenarios","[{\"question\":\"What should each concept explanation include for the Law of Demand and Supply and related topics?\",\"answer\":\"Define each term in your own words and provide an experience or example that demonstrates real-world application, using examples that clearly show understanding of the concept.\"},{\"question\":\"How are government interventions evaluated in this unit?\",\"answer\":\"Explain the results of policies such as price floors, price ceilings, production subsidies, and production quotas, drawing each on a separate graph. A separate section also requires graphing an excise (“sin”) tax shift and labeling the new prices and tax revenue shares.\"},{\"question\":\"How do you determine whether demand is elastic or inelastic using the total revenue test?\",\"answer\":\"Use the total revenue test described in the unit: when price changes cause total revenue to increase or decrease according to whether demand is elastic or inelastic, classify the demand accordingly.\"}]","Unit 2 Supply and Demand - Demand and Supply Problem Set | PDF",1790737951,13]