| Study
the following graphs and answer the questions following. (Don't forget
that |
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| price is
always the verticle value and when there are more than one curve |
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| that the
outside curve shows greater demand.) |
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| Graph
1 |
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8 |
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B |
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| $ |
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6 |
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4 |
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A |
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2 |
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1 |
5 |
10 |
15 |
20 |
25 |
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pies |
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1. Does this graph show
a change in Demand (D) or a change in Quantity Demand (qd)? |
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2. Explain the
difference between values A and B. How many pies were sold at which price? |
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| Graph
2 |
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8 |
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| $ |
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6 |
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4 |
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2 |
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D1 |
D |
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1 |
5 |
10 |
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20 |
25 |
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pies |
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3. Does this graph show
a change in Demand (D) or a change in Quantity Demand (qd)? |
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4. If D represents the
number of strawberry pies and D1 peach pies, explain the difference |
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between the two curves. |
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5. Does the price make
any difference at all in the two curves? |
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| Graph
3 |
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8 |
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| $ |
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6 |
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4 |
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2 |
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D1 |
D |
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1 |
5 |
10 |
15 |
20 |
25 |
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pies |
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6. Does this graph show
a change in Demand (D) or a change in Quantity Demand (qd)? |
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7. If D represents the number of strawberry
pies and D1 peach pies, explain the difference |
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between the two curves. |
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8. This graph suggests
what about people's desire for strawberry pies? |
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| Graph
4 |
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8 |
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| $ |
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6 |
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4 |
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2 |
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D |
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D1 |
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1 |
5 |
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25 |
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pies |
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9. Does this graph show
a change in Demand (D) or a change in Quantity Demand (qd)? |
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10. If D represents
strawberry pies made from frozen strawberries and D1 fresh strawberries |
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what does this say about
consumer tastes and preferences? How does price fit into this? |
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11. If D represents the
sale of pies before 9/11/2001 and D1 represent the sales of pies after 9/11, |
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what conclusions can you
draw? What role did price have? |
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| Graph
5 |
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8 |
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| $ |
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6 |
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4 |
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2 |
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D |
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1 |
5 |
10 |
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25 |
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pies |
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12. Does price greatly
affect the sale of these pies? What circumstance could account for this
curve? |
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13. Does graph 5 best
show elasticity or inelasticity? |
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| Graph
6 |
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8 |
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| $ |
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6 |
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4 |
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2 |
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D |
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1 |
5 |
10 |
15 |
20 |
25 |
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pies |
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14. Does price greatly
affect the sale of these pies? What circumstances could account for this
curve? |
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15. Does graph 6 best
show elasticity or inelasticity? |
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