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Unit 2: Ch. 3 Demand
by Lorrie Cook, South Dakota
Name ____________________ Due Date _____________________
70 - 77 = D 78 - 85 = C 86 - 92 = B 93+ = A
Lesson 3-1: Describe how demand differs from the quantity demanded. ~Explain what the law of demand states. ~Explain what demand schedules and demand curves illustrate.
Lesson 3-2: Explain what it means for a product's demand to shift. ~ Identify and describe the factors that can shift demand for a product. ~Explain how substitute goods differ from complementary goods.
Lesson 3-3: Define demand elasticity. ~Describe the difference between elastic and inelastic demand. ~Explain how demand elasticity is measured.
C Layer: no more than 85 points
Note: Either number one or number two is required; if you do both the points will count toward
your supplemental work.
Daily Work: (20 points)
1. Lecture: Listen to the lecture and take notes each day (5 points each day)
3-1 Nature 3-2 Changes 3-3.a Elasticity 3-3.b Measuring
2. Bookwork: Read a section from the chapter and answer questions (5 points each lesson)
Read: p.51-55 p.56-62 p.63-66 p.66-68
Answer: q.2-5 q.2-6 q.2,3 & 4 q.5 & 6
Vocabulary (Required): (20 points)
Note: Supplementary C-layer activities may not be substituted for Vocabulary points, but vocabulary evaluations may be repeated until the maximum points are achieved.
3. Study vocabulary from the unit. Create any study aids needed to learn the words such as flash
cards or a notebook. Demonstrate your understanding of the words through orally defending 10
words, by taking a written test on 10 words, or by writing a short in-class paper using all of the
vocabulary words in context.
Supplemental C-layer Assignments:
You must orally defend what you have learned from each of the following assignments:
Note: Activities worth 5 points should take about 15 minutes.
4. (Up to 20 pts) Bookwork in #2 completed in addition to lecture - _____ points
5. (Up to 10 pts) Choose 1 or 2 worksheets at 5 points each - _____ points
Mathematics Challenge Consumer
6. (5pts) Using several local in-store circulars, sales fliers, and newspaper advertisements to find an example of a business that recently raised or lowered its prices for a good or service. Write a paragraph predicting how the price change will affect consumer demand for the good or service. Consider the law of demand, the income effect, the substitution effect, and diminishing marginal utility when making your prediction.
7. (10pts) With one or two other students imagine that you are the officers of a school club. You are selling tickets to a dance to raise money for the club. Think of ways to increase ticket sales without lowering ticket prices. Consider each of the five determinants of demand when thinking of suggestions. Summarize your ideas in a chart or poster and present them to the class as if they are they rest of your club.
8. (5pts) Draw a chart with two columns, one with the heading elastic demand, and the other with the heading inelastic demand. Under each heading list the three characteristics that define that type of demand. Then list at least five examples of products with that type of demand.
9. (10 pts) With a partner or individually, develop a demand schedule and a demand curve for some product or service. Write captions that explain the information shown on each chart. Write at least one paragraph discussing the effects of price on the demand of your product. Include the three economic concepts that help explain the law of demand in your discussion.
10. Develop an assignment of your own with teacher approval. (points determined by teacher)
B Layer: Choose one - 7 points (You must earn a minimum of 5 points to get credit)
11. Alone or with one or two other students, visit local stores and research the prices of various products and their substitute and complementary goods. Record the prices for at least 5 products and their substitute goods and at least 5 products and their complementary goods. Record whether any of the products are on sale and how that affected the price of related goods, (for example, are related goods also on sale). In writing, answer the following questions: If a product was on sale, was its complementary good also on sale? If not, do you think demand for both products would increase anyway, even though only one product was on sale?
12. Alone or with one or two other students, imagine that you are business managers trying to sell a product. Decide on a product to sell and then create a hypothetical, yet realistic, demand schedule and demand curve for that product. The table and graph should resemble those in Figure 3.6. Identify at which prices demand for the product is elastic, at which prices it is inelastic, and at what price total revenue is maximized.
13. Imagine that you a market researcher working for a large corporation. Your company has come up with a new product that they want to test market. Create a market survey to determine the quantity of the product that people in you community would demand at different prices. Think of a new and innovative product, decide on a variety of prices to charge, survey at least 15 people in your community about how much of the product they would buy at different prices, compile the results into a demand schedule and a demand curve. Answer the following questions: Does the product have an elastic, inelastic, or mixed demand? What price should be charged to maximize revenue? Present your results to the class or to the teacher. Complete an oral defense.
14. Develop an assignment of your own with teacher approval.
A Layer: Choose One - 8 points (You must earn a minimum of 5 points to get credit and follow the requirements of the A level rubric on the board.)
15. Do you think the Internet has successfully met the demand of the teenage market segment?
16. Read "Commercial Break" on p.61 of the textbook. Research how a particular business or manufacturer used a focus group to plan an advertising campaign. Was the campaign successful? Why or why not?
17. Do you think that marketing products under generic or store brand names has significantly influenced the demand for those products?
18. Develop an assignment of your own with teacher approval.