DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and...

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DOUBLE SHIFTS IN SUPPLY AND DEMAND

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Transcript of DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and...

Page 1: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

DOUBLE SHIFTS IN SUPPLY AND

DEMAND

Page 2: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

Today’s Agenda

•Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

•Essential Skill: To demonstrate an understanding of concepts.

Page 3: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

Review of Single Curve Shifts

Page 4: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.
Page 5: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

Dual Shifts

D SP ? Q

D SP Q?

D SP Q?

D SP ? Q

Page 6: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

Pric

e ($

)E1

S0

Quantity of Video Games (thousands)

0 Qe1Qe

D0

Decrease in Demand

D1

Pe1

Pe

S1

E

P increase Q same

S1

E1

S1

E1

Page 7: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

Tip

S

P increases Q increases

P increases Q decreases

Page 8: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

Practice

•Complete the worksheet

•Use the tip to check your answers

•Compare answers with a partner

Page 9: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.
Page 10: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.
Page 11: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.
Page 12: DOUBLE SHIFTS IN SUPPLY AND DEMAND. Today’s Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand.

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