Name ___________________________________ Date ...
Name Date __________ Period _____
DEMAND PROBLEMS
Graph the following demand schedule on the graph below. (Remember where $ and # go.)
|$ per pair of GAP Jeans |# of GAP Jeans demanded |
|$55 |20 |
|$50 |25 |
|$45 |35 |
|$40 |50 |
|$35 |70 |
|$30 |95 |
|$25 |125 |
|$20 |160 |
Change in Demand
Using the following information draw a demand curve (in pencil).
|$ per box of Cheese Nips|# of boxes of Cheese Nips |
| |demanded |
|$10 |20 |
|$8 |50 |
|$6 |80 |
|$4 |130 |
|$2 |180 |
|$1 |250 |
|$ per box of Cheese Nips|# of boxes of Cheese Nips |
| |demanded |
|$10 |35 |
|$8 |65 |
|$6 |95 |
|$4 |145 |
|$2 |195 |
|$1 |265 |
Suddenly, Cheeze-Its, a substitute for Cheese Nips, are taken off the market. Now people have only Cheese Nips from which to choose. The demand changes.
On the same graph, draw the new demand curve (in pen). In which direction did the demand curve move (right or left)? Did demand go up or down?
A Ford Dealership discovers that for every $1,500 increase in price, the quantity demanded for the Ford F-150 falls by 200 units. They know that the lowest price they can offer with a profit is $15,000, and that they would sell 3,000 units. Complete the demand schedule that has been started for you below.
|$ of |# demanded |
|Ford F-150 | |
|1. $15,000 |1. 3,000 |
|2. $16,500 |2. |
|3. |3. |
|4. |4. |
|5. |5. |
|6. |6. |
|7. |7. |
Five months later, consumer tastes for the F-150 increased and for every $1,500 increase in price, demand now only fell 100 units. Complete the new demand schedule that has been started for you below. Then, graph both demand schedules in the space below.
|$ of |# demanded |
|Ford F-150 | |
|1. $15,000 |1. 3,000 |
|2. $16,500 |2. |
|3. |3. |
|4. |4. |
|5. |5. |
|6. |6. |
|7. |7. |
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