Mr. Ostman

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Please note: You may continue to use this page type if you desire. <P> </P><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><SPAN style="FONT-SIZE: 18pt"> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 14pt"><o:p> </o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></SPAN> </P> <P><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Complete the following lesson by logging on to:<SPAN style="mso-spacerun: yes"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN><FONT color=#000066></FONT></SPAN></B></P> <P><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><A href="http://www.e-connections.org/lesson7/lesson7.html"><FONT color=#000066>http://www.e-connections.org/lesson7/lesson7.html</FONT></A><SPAN style="mso-spacerun: yes"> </SPAN></SPAN></B></P> <P><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Read and follow all directions.<SPAN style="mso-spacerun: yes"> </SPAN>Write all your answers on this paper.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></B></P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></B></P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial">Part 1</SPAN></B> </P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What does quantity demanded mean? <A href="http://www.e-connections.org/lesson7/1a1.html" target=pop><FONT color=#000066>answer</FONT></A></SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Use the demand schedule for bubble soda to answer these questions about quantity demanded.</SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What is the quantity demanded at a price of $1.00? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G01RadioInp>5 <INPUT type=radio name=G01RadioInp>10 <INPUT type=radio name=G01RadioInp>15 <INPUT type=radio name=G01RadioInp>20 </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P><SPAN style="DISPLAY: none; mso-hide: all"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG01() { G01 = new MM_interaction('G01',1,0,0,null,0,0,0,'','','c','',0); G01.add('inpt','choice1',0,1,1,0); G01.add('inpt','choice2',0,1,0,0); G01.add('inpt','choice3',0,1,0,0); G01.add('inpt','choice4',0,1,0,0); G01.init(); G01.am('segm','Segment: Check Time_',1,1); G01.am('cond','Time At Limit_','G01.timeAtLimit == true',0); G01.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G01.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G01.setDisabled(true);\')','sp'); G01.am('end'); G01.am('segm','Segment: Correctness_',1,0); G01.am('cond','Correct_01','G01.correct == true',0); G01.am('actn','Popup Message','MM_popupMsg(\'Correct\')',''); G01.am('actn','Call JavaScript','MM_callJS(\'swapEm(1);\')',''); G01.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(1);\\\",1000);\')',''); G01.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(1);\\\",2000);\')',''); G01.am('end'); G01.am('cond','Incorrect_','G01.correct == (false)',0); G01.am('actn','Popup Message','MM_popupMsg(\'Incorrect\')',''); G01.am('end'); G01.am('cond','Unknown Response_','G01.knownResponse == false',0); G01.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G01.am('end'); G01.am('segm','Segment: Check Tries_',1,1); G01.am('cond','Tries At Limit_','G01.triesAtLimit == true',0); G01.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G01.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G01.setDisabled(true);\')','sp'); G01.am('end'); } if (window.newG01 == null) window.newG01 = newG01; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG01();'; //--> </SCRIPT> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What is the quantity demanded at a price of $.25</SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G02RadioInp>5 <INPUT type=radio name=G02RadioInp>10 <INPUT type=radio name=G02RadioInp>15 <INPUT type=radio name=G02RadioInp>20 </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG02() { G02 = new MM_interaction('G02',1,0,0,null,0,0,0,'','','c','',0); G02.add('inpt','choice1',0,1,0,0); G02.add('inpt','choice2',0,1,0,0); G02.add('inpt','choice3',0,1,0,0); G02.add('inpt','choice4',0,1,1,0); G02.init(); G02.am('segm','Segment: Check Time_',1,1); G02.am('cond','Time At Limit_','G02.timeAtLimit == true',0); G02.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G02.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G02.setDisabled(true);\')','sp'); G02.am('end'); G02.am('segm','Segment: Correctness_',1,0); G02.am('cond','Correct_01','G02.correct == true',0); G02.am('actn','Popup Message','MM_popupMsg(\'Correct\')',''); G02.am('actn','Call JavaScript','MM_callJS(\'swapEm(2)\')',''); G02.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(2);\\\",1000);\')',''); G02.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(2);\\\",2000);\')',''); G02.am('end'); G02.am('cond','Incorrect_','G02.correct == (false)',0); G02.am('actn','Popup Message','MM_popupMsg(\'Incorrect\')',''); G02.am('end'); G02.am('cond','Unknown Response_','G02.knownResponse == false',0); G02.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G02.am('end'); G02.am('segm','Segment: Check Tries_',1,1); G02.am('cond','Tries At Limit_','G02.triesAtLimit == true',0); G02.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G02.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G02.setDisabled(true);\')','sp'); G02.am('end'); } if (window.newG02 == null) window.newG02 = newG02; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG02();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As price goes down, what happens to the quantity demanded? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G03RadioInp>Increases <INPUT type=radio name=G03RadioInp>Decreases </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG03() { G03 = new MM_interaction('G03',1,0,0,null,0,0,0,'','','c','',0); G03.add('inpt','choice1',0,1,1,0); G03.add('inpt','choice2',0,1,0,0); G03.init(); G03.am('segm','Segment: Check Time_',1,1); G03.am('cond','Time At Limit_','G03.timeAtLimit == true',0); G03.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G03.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G03.setDisabled(true);\')','sp'); G03.am('end'); G03.am('segm','Segment: Correctness_',1,0); G03.am('cond','Correct_01','G03.correct == true',0); G03.am('actn','Popup Message','MM_popupMsg(\'Correct\')',''); G03.am('actn','Call JavaScript','MM_callJS(\'swapEm(3)\')',''); G03.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(3);\\\",3000);\')',''); G03.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(3);\\\",6000);\')',''); G03.am('end'); G03.am('cond','Incorrect_01','G03.correct == false',0); G03.am('actn','Popup Message','MM_popupMsg(\'Incorrect\')',''); G03.am('end'); G03.am('cond','Unknown Response_','G03.knownResponse == false',0); G03.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G03.am('end'); G03.am('segm','Segment: Check Tries_',1,1); G03.am('cond','Tries At Limit_','G03.triesAtLimit == true',0); G03.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G03.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G03.setDisabled(true);\')','sp'); G03.am('end'); } if (window.newG03 == null) window.newG03 = newG03; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG03();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">As price goes up, what happens to the quantity demanded? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G04RadioInp>Increases <INPUT type=radio name=G04RadioInp>Decreases </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG04() { G04 = new MM_interaction('G04',1,0,0,null,0,0,0,'','','c','',0); G04.add('inpt','choice1',0,1,0,0); G04.add('inpt','choice2',0,1,1,0); G04.init(); G04.am('segm','Segment: Check Time_',1,1); G04.am('cond','Time At Limit_','G04.timeAtLimit == true',0); G04.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G04.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G04.setDisabled(true);\')','sp'); G04.am('end'); G04.am('segm','Segment: Correctness_',1,0); G04.am('cond','Correct_01','G04.correct == true',0); G04.am('actn','Popup Message','MM_popupMsg(\'Correct\')',''); G04.am('actn','Call JavaScript','MM_callJS(\'swapEm(4);\')',''); G04.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(4);\\\",3000);\')',''); G04.am('actn','Call JavaScript','MM_callJS(\'setTimeout(\\\"swapEm(4);\\\",6000);\')',''); G04.am('end'); G04.am('cond','Incorrect_01','G04.correct == false',0); G04.am('actn','Popup Message','MM_popupMsg(\'Incorrect\')',''); G04.am('end'); G04.am('cond','Unknown Response_','G04.knownResponse == false',0); G04.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G04.am('end'); G04.am('segm','Segment: Check Tries_',1,1); G04.am('cond','Tries At Limit_','G04.triesAtLimit == true',0); G04.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G04.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G04.setDisabled(true);\')','sp'); G04.am('end'); } if (window.newG04 == null) window.newG04 = newG04; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG04();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Remember the relationship between price and quantity demanded is inverse and is called the Law of Demand. Demand is the relationship between various prices and the quantities consumers are willing and able to buy during some time period, holding all other things constant. Demand is not a single price and quantity demanded from the schedule. <B>Demand</B> is the entire schedule.</SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The demand schedule can also be displayed as a graph. Use the demand graph for Bubble Soda to answer these questions.</SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What does the demand curve look like? <A href="http://www.e-connections.org/lesson7/1b1.html" target=pop><FONT color=#000066>answer</FONT></A></SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Why is the curve downward sloping? <A href="http://www.e-connections.org/lesson7/1b2.html" target=pop><FONT color=#000066>answer</FONT></A></SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What is the one factor that resulted in consumer tastes for Bubble Soda to change? <A href="http://www.e-connections.org/lesson7/1b3.html" target=pop><FONT color=#000066>answer</FONT></A></SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Why are consumers willing and able to buy more of a product at a lower price? <A href="http://www.e-connections.org/lesson7/1b4.html" target=pop><FONT color=#000066>answer</FONT></A></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt">Answer the two questions using the demand graph for skateboards.</P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="mso-tab-count: 1"> </SPAN>Amount demanded at $80?</P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p> </o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="mso-tab-count: 1"> </SPAN>Amount demanded at $40?</P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial">Part 2</SPAN></B></P> <P>Using the graph in part 2,<SPAN style="mso-spacerun: yes"> </SPAN>answer the 3 questions</P> <P><SPAN style="mso-tab-count: 1"> </SPAN>What are the quantities demanded at each point?</P> <P>What is the difference between demand curve D1 and D2?</P> <P><SPAN style="mso-tab-count: 4"> </SPAN></P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial">Part 3 </SPAN></B></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What could cause a change in the quantity demanded at each and every price? The factors that cause this type of change are called nonprice determinants.</SPAN></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non price determinants include:<BR>Review these by clicking on them (you do have these in your notes however)</SPAN></P> <UL type=disc> <LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l1 level1 lfo1; tab-stops: list .5in"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Change in the <A href="http://www.e-connections.org/lesson7/3a1.html" target=pop><FONT color=#000066>number of consumers</FONT></A> in the market for a product</SPAN> </LI> <LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l1 level1 lfo1; tab-stops: list .5in"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Change in <A href="http://www.e-connections.org/lesson7/3a2.html" target=pop><FONT color=#000066>consumer tastes and preferences</FONT></A> for a product</SPAN> </LI> <LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l1 level1 lfo1; tab-stops: list .5in"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Change in <A href="http://www.e-connections.org/lesson7/3a3.html" target=pop><FONT color=#000066>consumer income</FONT></A></SPAN> </LI> <LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l1 level1 lfo1; tab-stops: list .5in"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Change in the <A href="http://www.e-connections.org/lesson7/3a4.html" target=pop><FONT color=#000066>price of related goods—complements</FONT></A></SPAN> </LI> <LI class=MsoNormal style="MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l1 level1 lfo1; tab-stops: list .5in"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Change in the <A href="http://www.e-connections.org/lesson7/3a5.html" target=pop><FONT color=#000066>price of related goods—substitutes</FONT></A></SPAN> </LI></UL> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 16pt">Draw the new demand curve below with the given determinant after you answer the below this graph on your computer.</SPAN></B>.<SPAN style="mso-spacerun: yes"> </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <TABLE class=MsoNormalTable style="BACKGROUND: #ffffcc; WIDTH: 449.25pt; mso-padding-alt: 0in 0in 0in 0in; mso-cellspacing: 0in" cellSpacing=0 cellPadding=0 width=599 border=0> <TBODY> <TR style="mso-yfti-lastrow: yes"> <TD style="BORDER-RIGHT: #c0c0c0; PADDING-RIGHT: 0in; BORDER-TOP: #c0c0c0; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0; BACKGROUND-COLOR: transparent" vAlign=top> <P style="TEXT-ALIGN: center" align=center><?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /><v:shapetype id=_x0000_t75 stroked="f" filled="f" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" o:spt="75" coordsize="21600,21600"><v:stroke joinstyle="miter"></v:stroke><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:connecttype="rect" gradientshapeok="t" o:extrusionok="f"></v:path><o:lock aspectratio="t" v:ext="edit"></o:lock></v:shapetype><v:shape id=_x0000_i1073 style="WIDTH: 293.25pt; HEIGHT: 212.25pt" type="#_x0000_t75" alt=""><v:imagedata src="file:///C:\windows\TEMP\msohtml1\01\clip_image001.png" chromakey="#ffc" o:href="http://www.e-connections.org/lesson7/bubleGraph.gif"></v:imagedata></v:shape><o:p></o:p></P> <P style="TEXT-ALIGN: right" align=right> <o:p></o:p></P></TD> <TD style="BORDER-RIGHT: #c0c0c0; PADDING-RIGHT: 0in; BORDER-TOP: #c0c0c0; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0; BACKGROUND-COLOR: transparent" vAlign=top> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> </P></TD></TR></TBODY></TABLE></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><o:p> </o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto">Skip part 4</P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><o:p> </o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><o:p> </o:p></P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial">Closure</SPAN></B></P> <P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">In this lesson you have reviewed the law of demand and how price changes affect the amount of a good or service consumers are willing and able to buy. You also learned about the nonprice determinants of demand. Nonprice determinants result in a change in demand. A change in demand means that the amount consumers are willing and able to buy changes at each and every price. Nonprice determinants are sometimes called demand shifters. </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Schools across the country stop using textbooks. Demand for textbooks will decrease. </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G01RadioInp>True <INPUT type=radio name=G01RadioInp>False </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG01() { G01 = new MM_interaction('G01',1,0,0,null,0,0,0,'','','c','',0); G01.add('inpt','choice1',0,1,1,0); G01.add('inpt','choice2',0,1,0,0); G01.init(); G01.am('segm','Segment: Check Time_',1,1); G01.am('cond','Time At Limit_','G01.timeAtLimit == true',0); G01.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G01.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G01.setDisabled(true);\')','sp'); G01.am('end'); G01.am('segm','Segment: Correctness_',1,0); G01.am('cond','Correct_01','G01.correct == true',0); G01.am('actn','Popup Message','MM_popupMsg(\'RIGHT! Demand would decrease because there will be fewer consumers in the market for textbooks.\')',''); G01.am('end'); G01.am('cond','Incorrect_01','G01.correct == false',0); G01.am('actn','Popup Message','MM_popupMsg(\'INCORRECT. Demand would decrease because there will be fewer consumers in the market for textbooks.\')',''); G01.am('end'); G01.am('cond','Unknown Response_','G01.knownResponse == false',0); G01.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G01.am('end'); G01.am('segm','Segment: Check Tries_',1,1); G01.am('cond','Tries At Limit_','G01.triesAtLimit == true',0); G01.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G01.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G01.setDisabled(true);\')','sp'); G01.am('end'); } if (window.newG01 == null) window.newG01 = newG01; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG01();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A law is passed guaranteeing students ages 10 and older a minimum allowance of $25.00 per week. Demand for compact discs will decrease. </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G02RadioInp>True <INPUT type=radio name=G02RadioInp>False </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG02() { G02 = new MM_interaction('G02',1,0,0,null,0,0,0,'','','c','',0); G02.add('inpt','choice1',0,1,0,0); G02.add('inpt','choice2',0,1,1,0); G02.init(); G02.am('segm','Segment: Check Time_',1,1); G02.am('cond','Time At Limit_','G02.timeAtLimit == true',0); G02.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G02.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G02.setDisabled(true);\')','sp'); G02.am('end'); G02.am('segm','Segment: Correctness_',1,0); G02.am('cond','Correct_01','G02.correct == true',0); G02.am('actn','Popup Message','MM_popupMsg(\'RIGHT! Demand for compact discs would increase because the income of all teenagers has increased.\')',''); G02.am('end'); G02.am('cond','Incorrect_01','G02.correct == false',0); G02.am('actn','Popup Message','MM_popupMsg(\'INCORRECT. Demand for compact discs would increase because the income of all teenagers has increased.\')',''); G02.am('end'); G02.am('cond','Unknown Response_','G02.knownResponse == false',0); G02.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G02.am('end'); G02.am('segm','Segment: Check Tries_',1,1); G02.am('cond','Tries At Limit_','G02.triesAtLimit == true',0); G02.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G02.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G02.setDisabled(true);\')','sp'); G02.am('end'); } if (window.newG02 == null) window.newG02 = newG02; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG02();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Doctors have excellent results using vitamin E to cure acne. Demand for Vitamin E will decrease. </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G03RadioInp>True <INPUT type=radio name=G03RadioInp>False </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG03() { G03 = new MM_interaction('G03',1,0,0,null,0,0,0,'','','c','',0); G03.add('inpt','choice1',0,1,0,0); G03.add('inpt','choice2',0,1,1,0); G03.init(); G03.am('segm','Segment: Check Time_',1,1); G03.am('cond','Time At Limit_','G03.timeAtLimit == true',0); G03.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G03.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G03.setDisabled(true);\')','sp'); G03.am('end'); G03.am('segm','Segment: Correctness_',1,0); G03.am('cond','Correct_01','G03.correct == true',0); G03.am('actn','Popup Message','MM_popupMsg(\'RIGHT! Demand for Vitamin E will increase because there is a change in the tastes and preferences of consumers.\')',''); G03.am('end'); G03.am('cond','Incorrect_01','G03.correct == false',0); G03.am('actn','Popup Message','MM_popupMsg(\'INCORRECT. Demand for Vitamin E will increase because there is a change in the tastes and preferences of consumers.\')',''); G03.am('end'); G03.am('cond','Unknown Response_','G03.knownResponse == false',0); G03.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G03.am('end'); G03.am('segm','Segment: Check Tries_',1,1); G03.am('cond','Tries At Limit_','G03.triesAtLimit == true',0); G03.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G03.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G03.setDisabled(true);\')','sp'); G03.am('end'); } if (window.newG03 == null) window.newG03 = newG03; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG03();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The price of Bubble Soda drops. The drop in price has no effect on demand for Bubble Soda.</SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G04RadioInp>True <INPUT type=radio name=G04RadioInp>False </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG04() { G04 = new MM_interaction('G04',1,0,0,null,0,0,0,'','','c','',0); G04.add('inpt','choice1',0,1,1,0); G04.add('inpt','choice2',0,1,0,0); G04.init(); G04.am('segm','Segment: Check Time_',1,1); G04.am('cond','Time At Limit_','G04.timeAtLimit == true',0); G04.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G04.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G04.setDisabled(true);\')','sp'); G04.am('end'); G04.am('segm','Segment: Correctness_',1,0); G04.am('cond','Correct_01','G04.correct == true',0); G04.am('actn','Popup Message','MM_popupMsg(\'RIGHT! A change in price changes the quantity demanded, not demand. A decrease in price results in an increase in the quantity demanded.\')',''); G04.am('end'); G04.am('cond','Incorrect_01','G04.correct == false',0); G04.am('actn','Popup Message','MM_popupMsg(\'INCORRECT. A change in price changes the quantity demanded, not demand. A decrease in price results in an increase in the quantity demanded.\')',''); G04.am('end'); G04.am('cond','Unknown Response_','G04.knownResponse == false',0); G04.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G04.am('end'); G04.am('segm','Segment: Check Tries_',1,1); G04.am('cond','Tries At Limit_','G04.triesAtLimit == true',0); G04.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G04.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G04.setDisabled(true);\')','sp'); G04.am('end'); } if (window.newG04 == null) window.newG04 = newG04; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG04();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The price of Bola Cola (a substitute for Bubble Soda) increases. Demand for Bubble Soda will increase. </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G05RadioInp>True <INPUT type=radio name=G05RadioInp>False </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG05() { G05 = new MM_interaction('G05',1,0,0,null,0,0,0,'','','c','',0); G05.add('inpt','choice1',0,1,1,0); G05.add('inpt','choice2',0,1,0,0); G05.init(); G05.am('segm','Segment: Check Time_',1,1); G05.am('cond','Time At Limit_','G05.timeAtLimit == true',0); G05.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G05.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G05.setDisabled(true);\')','sp'); G05.am('end'); G05.am('segm','Segment: Correctness_',1,0); G05.am('cond','Correct_01','G05.correct == true',0); G05.am('actn','Popup Message','MM_popupMsg(\'RIGHT! Demand for Bubble Soda will increase because the price of a substitute good increased. \')',''); G05.am('end'); G05.am('cond','Incorrect_01','G05.correct == false',0); G05.am('actn','Popup Message','MM_popupMsg(\'INCORRECT. Demand for Bubble Soda will increase because the price of a substitute good increased.\')',''); G05.am('end'); G05.am('cond','Unknown Response_','G05.knownResponse == false',0); G05.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G05.am('end'); G05.am('segm','Segment: Check Tries_',1,1); G05.am('cond','Tries At Limit_','G05.triesAtLimit == true',0); G05.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G05.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G05.setDisabled(true);\')','sp'); G05.am('end'); } if (window.newG05 == null) window.newG05 = newG05; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG05();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">If the price of peanut butter (a complement for jelly) increases, the demand for jelly will decrease. </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G06RadioInp>True <INPUT type=radio name=G06RadioInp>False </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG06() { G06 = new MM_interaction('G06',1,0,0,null,0,0,0,'','','c','',0); G06.add('inpt','choice1',0,1,1,0); G06.add('inpt','choice2',0,1,0,0); G06.init(); G06.am('segm','Segment: Check Time_',1,1); G06.am('cond','Time At Limit_','G06.timeAtLimit == true',0); G06.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G06.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G06.setDisabled(true);\')','sp'); G06.am('end'); G06.am('segm','Segment: Correctness_',1,0); G06.am('cond','Correct_01','G06.correct == true',0); G06.am('actn','Popup Message','MM_popupMsg(\'CORRECT! Peanut butter and jelly are complementary goods. They are purchased together. When the price of one increases, the demand for the other good decreases.\')',''); G06.am('end'); G06.am('cond','Incorrect_01','G06.correct == false',0); G06.am('actn','Popup Message','MM_popupMsg(\'INCORRECT. Peanut butter and jelly are complementary goods. They are purchased together. When the price of one increases, the demand for the other good decreases.\')',''); G06.am('end'); G06.am('cond','Unknown Response_','G06.knownResponse == false',0); G06.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G06.am('end'); G06.am('segm','Segment: Check Tries_',1,1); G06.am('cond','Tries At Limit_','G06.triesAtLimit == true',0); G06.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G06.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G06.setDisabled(true);\')','sp'); G06.am('end'); } if (window.newG06 == null) window.newG06 = newG06; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG06();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Which of the following would result in an increase in demand? Select all that apply.<BR><BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=checkbox name=G08choice1Inp>Increase in income<BR><INPUT type=checkbox name=G08choice2Inp>Increase in number of consumers in the market<BR><INPUT type=checkbox name=G08choice3Inp>Increase in price of a substitute<BR><INPUT type=checkbox name=G08choice4Inp>Increase in price of a complement<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN></P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></B></P> <P><B><SPAN style="FONT-SIZE: 10pt; COLOR: #990000; FONT-FAMILY: Arial">Evaluation</SPAN></B></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Blue jeans are a popular consumer good with teenagers. Which of the following would cause the demand for blue jeans to decrease? </SPAN></P><FORM> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G09RadioInp>Schools across the country establish a dress code that prohibits wearing blue jeans to school.<BR><INPUT type=radio name=G09RadioInp>The price of blue jeans rises. <BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG09() { G09 = new MM_interaction('G09',1,0,0,null,0,0,0,'','','c','',0); G09.add('inpt','choice1',0,1,1,0); G09.add('inpt','choice2',0,1,0,0); G09.init(); G09.am('segm','Segment: Check Time_',1,1); G09.am('cond','Time At Limit_','G09.timeAtLimit == true',0); G09.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G09.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G09.setDisabled(true);\')','sp'); G09.am('end'); G09.am('segm','Segment: Correctness_',1,0); G09.am('cond','Correct_01','G09.correct == true',0); G09.am('actn','Popup Message','MM_popupMsg(\'Correct. When students are prohibited from wearing blue jeans to school, the number of consumers of blue jeans decreases at each and every price. When this occurs, demand decreases. A change in the price of the blue jeans results in a change in quantity demanded. As price rises the quantity demanded decreases.\')',''); G09.am('end'); G09.am('cond','Incorrect_01','G09.correct == false',0); G09.am('actn','Popup Message','MM_popupMsg(\'Incorrect. Remember a change in price of a good only changes the quantity of the good demanded not demand. When students are prohibited from wearing blue jeans to school, the number of consumers of blue jeans decreases at each and every price. When this occurs, demand decreases.\')',''); G09.am('end'); G09.am('cond','Unknown Response_','G09.knownResponse == false',0); G09.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G09.am('end'); G09.am('segm','Segment: Check Tries_',1,1); G09.am('cond','Tries At Limit_','G09.triesAtLimit == true',0); G09.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G09.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G09.setDisabled(true);\')','sp'); G09.am('end'); } if (window.newG09 == null) window.newG09 = newG09; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG09();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">For each headline below, determine if there will be a change in demand or quantity demanded in the identified market and if this change will result in an increase or decrease in demand or quantity demanded.</SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pete's Pizzeria increases the price for a small pizza.</SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><BR>What will happen in the market for Pizza Heaven's small pizza? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G11RadioInp>Demand Change <INPUT type=radio name=G11RadioInp>Quantity Demanded Change </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG11() { G11 = new MM_interaction('G11',1,0,1,null,0,0,0,'','','c','',0); G11.add('inpt','choice1',0,1,1,0); G11.add('inpt','choice2',0,1,0,0); G11.init(); G11.am('segm','Segment: Check Time_',1,1); G11.am('cond','Time At Limit_','G11.timeAtLimit == true',0); G11.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G11.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G11.setDisabled(true);\')','sp'); G11.am('end'); G11.am('segm','Segment: Correctness_',1,0); G11.am('cond','Correct_01','G11.correct == true',0); G11.am('actn','Popup Message','MM_popupMsg(\'Correct! More consumers will substitute the Pizza Heaven\\\'s for Pete\\\'s Pizzeria pizza. \')',''); G11.am('end'); G11.am('cond','Incorrect_01','G11.correct == false',0); G11.am('actn','Popup Message','MM_popupMsg(\'Incorrect. More consumers will substitute the Pizza Heaven\\\'s for Pete\\\'s Pizzeria pizza. \')',''); G11.am('end'); G11.am('cond','Unknown Response_','G11.knownResponse == false',0); G11.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G11.am('end'); G11.am('segm','Segment: Check Tries_',1,1); G11.am('cond','Tries At Limit_','G11.triesAtLimit == true',0); G11.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G11.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G11.setDisabled(true);\')','sp'); G11.am('end'); } if (window.newG11 == null) window.newG11 = newG11; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG11();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Will the quantity demanded: </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G12RadioInp>Increase <INPUT type=radio name=G12RadioInp>Decrease </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG12() { G12 = new MM_interaction('G12',1,0,0,null,0,0,0,'','','c','',0); G12.add('inpt','choice1',0,1,1,0); G12.add('inpt','choice2',0,1,0,0); G12.init(); G12.am('segm','Segment: Check Time_',1,1); G12.am('cond','Time At Limit_','G12.timeAtLimit == true',0); G12.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G12.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G12.setDisabled(true);\')','sp'); G12.am('end'); G12.am('segm','Segment: Correctness_',1,0); G12.am('cond','Correct_01','G12.correct == true',0); G12.am('actn','Popup Message','MM_popupMsg(\'Great job! Demand for Pizza Heaven\\\'s small pizza will increase.\')',''); G12.am('end'); G12.am('cond','Incorrect_01','G12.correct == false',0); G12.am('actn','Popup Message','MM_popupMsg(\'Incorrect. Demand for Pizza Heaven\\\'s small pizza will increase. \')',''); G12.am('end'); G12.am('cond','Unknown Response_','G12.knownResponse == false',0); G12.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G12.am('end'); G12.am('segm','Segment: Check Tries_',1,1); G12.am('cond','Tries At Limit_','G12.triesAtLimit == true',0); G12.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G12.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G12.setDisabled(true);\')','sp'); G12.am('end'); } if (window.newG12 == null) window.newG12 = newG12; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG12();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gasoline Prices Rise<BR></SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What kind of change will happen in the gasoline market? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G10RadioInp>Demand Change <INPUT type=radio name=G10RadioInp>Quantity Demanded Changed </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG10() { G10 = new MM_interaction('G10',1,0,0,null,0,0,0,'','','c','',0); G10.add('inpt','choice1',0,1,0,0); G10.add('inpt','choice2',0,1,1,0); G10.init(); G10.am('segm','Segment: Check Time_',1,1); G10.am('cond','Time At Limit_','G10.timeAtLimit == true',0); G10.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G10.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G10.setDisabled(true);\')','sp'); G10.am('end'); G10.am('segm','Segment: Correctness_',1,0); G10.am('cond','Correct_01','G10.correct == true',0); G10.am('actn','Popup Message','MM_popupMsg(\'Correct! As price rises the quantity of gasoline demanded by consumers will decrease. \')',''); G10.am('end'); G10.am('cond','Incorrect_01','G10.correct == false',0); G10.am('actn','Popup Message','MM_popupMsg(\'Incorrect. Remember, a price change for a good, results in a change in quantity demanded. As price of gasoline rises, the quantity demanded by consumers decreases.\')',''); G10.am('end'); G10.am('cond','Unknown Response_','G10.knownResponse == false',0); G10.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G10.am('end'); G10.am('segm','Segment: Check Tries_',1,1); G10.am('cond','Tries At Limit_','G10.triesAtLimit == true',0); G10.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G10.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G10.setDisabled(true);\')','sp'); G10.am('end'); } if (window.newG10 == null) window.newG10 = newG10; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG10();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN><SPAN style="FONT-FAMILY: Arial"> </SPAN> </P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Will the quantity demanded: </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G13RadioInp>Increase <INPUT type=radio name=G13RadioInp>Decrease </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG13() { G13 = new MM_interaction('G13',1,0,0,null,0,0,0,'','','c','',0); G13.add('inpt','choice1',0,1,0,0); G13.add('inpt','choice2',0,1,1,0); G13.init(); G13.am('segm','Segment: Check Time_',1,1); G13.am('cond','Time At Limit_','G13.timeAtLimit == true',0); G13.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G13.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G13.setDisabled(true);\')','sp'); G13.am('end'); G13.am('segm','Segment: Correctness_',1,0); G13.am('cond','Correct_01','G13.correct == true',0); G13.am('actn','Popup Message','MM_popupMsg(\'Correct! As price of gasoline rises, the quantity demanded by consumers decreases.\')',''); G13.am('end'); G13.am('cond','Incorrect_01','G13.correct == false',0); G13.am('actn','Popup Message','MM_popupMsg(\'Incorrect. As price of gasoline rises, the quantity demanded by consumers decreases.\')',''); G13.am('end'); G13.am('cond','Unknown Response_','G13.knownResponse == false',0); G13.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G13.am('end'); G13.am('segm','Segment: Check Tries_',1,1); G13.am('cond','Tries At Limit_','G13.triesAtLimit == true',0); G13.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G13.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G13.setDisabled(true);\')','sp'); G13.am('end'); } if (window.newG13 == null) window.newG13 = newG13; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG13();'; //--> </SCRIPT> <B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consumers lose weight by eating jelly beans.<BR></SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What kind of change will happen in the market for jelly beans? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G14RadioInp>Demand Change <INPUT type=radio name=G14RadioInp>Quantity Demanded Change </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG14() { G14 = new MM_interaction('G14',1,0,0,null,0,0,0,'','','c','',0); G14.add('inpt','choice1',0,1,1,0); G14.add('inpt','choice2',0,1,0,0); G14.init(); G14.am('segm','Segment: Check Time_',1,1); G14.am('cond','Time At Limit_','G14.timeAtLimit == true',0); G14.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G14.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G14.setDisabled(true);\')','sp'); G14.am('end'); G14.am('segm','Segment: Correctness_',1,0); G14.am('cond','Correct_01','G14.correct == true',0); G14.am('actn','Popup Message','MM_popupMsg(\'Terrific! Consumers taste and preference for jelly beans has changed. Consumers want more jelly beans at each and every price. \')',''); G14.am('end'); G14.am('cond','Incorrect_01','G14.correct == false',0); G14.am('actn','Popup Message','MM_popupMsg(\'Incorrect. More consumers want jelly beans at each and every price. \')',''); G14.am('end'); G14.am('cond','Unknown Response_','G14.knownResponse == false',0); G14.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G14.am('end'); G14.am('segm','Segment: Check Tries_',1,1); G14.am('cond','Tries At Limit_','G14.triesAtLimit == true',0); G14.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G14.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G14.setDisabled(true);\')','sp'); G14.am('end'); } if (window.newG14 == null) window.newG14 = newG14; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG14();'; //--> </SCRIPT> <B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Hamburger goes on sale.<BR></SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What will happen in the market for hamburger buns? </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G15RadioInp>Demand Change <INPUT type=radio name=G15RadioInp>Quantity Demanded Change </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM> <FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <SCRIPT language=JavaScript> <!-- // Copyright 1998,1999 Macromedia, Inc. All rights reserved. function newG15() { G15 = new MM_interaction('G15',1,0,0,null,0,0,0,'','','c','',0); G15.add('inpt','choice1',0,1,1,0); G15.add('inpt','choice2',0,1,0,0); G15.init(); G15.am('segm','Segment: Check Time_',1,1); G15.am('cond','Time At Limit_','G15.timeAtLimit == true',0); G15.am('actn','Popup Message','MM_popupMsg(\'You are out of time\')','pm'); G15.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G15.setDisabled(true);\')','sp'); G15.am('end'); G15.am('segm','Segment: Correctness_',1,0); G15.am('cond','Correct_01','G15.correct == true',0); G15.am('actn','Popup Message','MM_popupMsg(\'Good work! Hamburger and hamburger buns are complements. If the price of hamburger goes down, the demand for hamburger buns will increase. \')',''); G15.am('end'); G15.am('cond','Incorrect_01','G15.correct == false',0); G15.am('actn','Popup Message','MM_popupMsg(\'Incorrect. Hamburger and hamburger buns are complements. As the price of one drops, in this case the price of hamburger, the demand for the other goes up.\')',''); G15.am('end'); G15.am('cond','Unknown Response_','G15.knownResponse == false',0); G15.am('actn','Popup Message','MM_popupMsg(\'Unknown Response\')',''); G15.am('end'); G15.am('segm','Segment: Check Tries_',1,1); G15.am('cond','Tries At Limit_','G15.triesAtLimit == true',0); G15.am('actn','Popup Message','MM_popupMsg(\'You are out of tries\')','pm'); G15.am('actn','Set Interaction Properties: Disable Interaction','MM_setIntProps(\'G15.setDisabled(true);\')','sp'); G15.am('end'); } if (window.newG15 == null) window.newG15 = newG15; if (!window.MM_initIntFns) window.MM_initIntFns = ''; window.MM_initIntFns += 'newG15();'; //--> </SCRIPT> <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Will the quantity demanded: </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><INPUT type=radio name=G16RadioInp>Increase <INPUT type=radio name=G16RadioInp>Decrease </SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"></FORM></FORM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p> NEXT...Go....</o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p> <SPAN style="DISPLAY: none; FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-hide: all">NEXT…</SPAN><SPAN style="DISPLAY: none; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-hide: all">Go to the following website, read all instructions and print out your responses and staple to this packet.<SPAN style="mso-spacerun: yes"> </SPAN>Finally, answer the questions on the last page of this handout</SPAN></o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p> <A href="http://www.econedlink.org/lessons/index.cfm?lesson=EM458">http://www.econedlink.org/lessons/index.cfm?lesson=EM458</A></o:p><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Trebuchet MS'"><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></FONT></FONT></SPAN></P> <P class=MsoNormal style="BACKGROUND: white; MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black">Assessment Activity:<o:p></o:p></SPAN></P> <P class=MsoNormal style="BACKGROUND: white; MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black">1. Why do businesses advertise their products?<BR><SPAN style="mso-spacerun: yes"> </SPAN><BR>2. Why might you advise a business to have a sale?<BR><SPAN style="mso-spacerun: yes"> </SPAN><BR>3. How do seasonal expectations influence demand and price?<BR><BR>4. In your work purchasing products, how might you be influenced by what you have learned?<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"><o:p></o:p></SPAN></P> <P class=MsoNormal style="BACKGROUND: white; MARGIN: 0in 0in 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto"><SPAN style="COLOR: black">Extension Activities:<o:p></o:p></SPAN></P> <OL type=1> <LI class=MsoNormal style="BACKGROUND: white; MARGIN: 0in 0in 0pt; COLOR: black; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo2; tab-stops: list .5in"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Trebuchet MS'"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN>F<SPAN style="COLOR: windowtext">ind at least 3 current events (news items) that signal changes in demand.<SPAN style="mso-spacerun: yes"> </SPAN>Use various websites to find these (CNN, Foxnews, abcnews, ESPN, etc). Housing, commodities, entertainment, and other markets also lend themselves to be analyzed in terms of changes in demand.<SPAN style="mso-spacerun: yes"> </SPAN>Write down the event (news item, situation, etc)<SPAN style="mso-spacerun: yes"> </SPAN>and state what affect it will have on demand of which type of products.</SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 'Trebuchet MS'"><o:p></o:p></SPAN></LI></OL> Or, would you like to view and optionally restore one of these previous versions? Password: Forgot your password?

Mr. Ostman

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