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AP MacroeconomicsSupply and Demand Performance TaskThis assignment extends the understanding of Factors of Production from unit 1 that requires understanding of resources needed and allocated for businesses and markets. This performance task will ask you to consider how the laws of supply and demand will affect a business or product. It will also ask you to analyze the market structure of the product. The product can be an actual product produced by your business or it can be a produced outcome. Your equilibrium price may not be monetary. Feel free to be creative and have fun with this: For example maybe I might analyze the supply and demand of freshmen needed for assassins’ shields. Due: 4/3 Friday- Turn in before you go on spring break!Required Elements (Grade: 60)Demand: (15 points)Create a demand schedule for your productGraph the demand schedule for your productList 3 factors affecting demand for your product Supply: (15 points)Create a supply schedule for your productGraph the supply schedule for your productList 3 factors affecting your business’ or structures’ ability to supply the productMarket Equilibrium: (10 points)Identify the market equilibrium price and quantity of your productMarket Structures: (20 points)Identify the characteristics of the market for your productNumber of sellers in the marketAbility of sellers to control pricesLevel of product differentiationBarriers to entry into the marketIdentify the structure of the market for your productProficiency Elements (Grade: 70)Demand: (3 points)Give an example of a situation that would increase demand for your product.Give an example of a situation that would decrease demand for your product.For each situation, create a new demand schedule Supply: (3 points)Give an example of a situation that would increase the supply of your product.Give an example of a situation that would decrease the supply of your product.For each situation, create a new supply schedule Market Equilibrium: (2 points)Identify how each change in demand would affect your business.Identify how each change in supply would affect your business.Market Structures: (2 points)Identify other competitors in the market for your productIdentify 3 ways you will compete with these competitorsAdvanced Elements (Grade: 80)Demand: (1 point)Identify the determinant in each situation you created to shift demand Supply: (3 points)Identify the determinant in each situation you created to shift supplyList the fixed costs and the variable costs of production for your businessDetermine the total cost of production at market equilibriumMarket Equilibrium: (3 points)Graph the changes in demand for your productGraph the changes in supply for your productMarket Structures: (3 points)Identify 3 ways you will differentiate your productVisual Element (Grade: 100)Options: (20 points) Choose one of the following to present your project information. Neatness and effort should be apparent to get the full 20 points.PowerpointVideoPoster DisplayTotal Grade: _______/100 ................
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