Understanding Supply and Demand: Graphing Bread Prices
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Kealakehe High School *
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Course
101
Subject
Economics
Date
Jun 8, 2024
Type
Pages
6
Uploaded by canecracker656
Section 1: Creating a Supply and Demand Graph
Complete items 1 through 3. Use the supply and demand schedules to build a graph
using the graphing area below. Then answer the following questions. Feel free to return
to the previous activities in the lesson if you need to review major concepts.
1. Artisan Bakery sells loaves of bread that it bakes fresh every day. Use the supply schedule to
graph each point of the supply curve. Connect each point with a line to build a supply curve.
Price of bread per loaf
Quantity supplied
$4.50
40
$5.00
50
$5.50
60
$6.00
75
$6.50
85
In which direction does the supply curve head? How does this show the law of supply? (1 point)
The supply curve slopes upward, showing that as prices rise, sellers are willing to sell more. It
demonstrates the law of supply by showing how as the price of a good increases, the amount
supplied increases too.
2. Use the demand schedule to graph each point of the demand curve. Connect each point with
a line to build a demand curve.
Price of bread per loaf
Quantity demanded
$4.50
95
$5.00
75
$5.50
60
$6.00
50
$6.50
45
In which direction does the demand curve head? How does this show the law of demand? (2
points)
The demand curve slopes downward, showing that as prices fall, buyers want to buy more. The
demand curve is steep, so the demand for bread is shown to be inelastic. It demonstrates the
law of demand by showing how as the price of a good decreases, the quantity demanded also
increases.
3. What is the equilibrium price of a loaf of bread? How can you tell this from the graph? (2
points)
The equilibrium price of a loaf of bread is $5.50. I can tell the equilibrium price from the supply
and demand graph because the points overlap.
Section 2: Applying Changes to a Supply and Demand
Graph
Complete items 4 through 9. Use the supply and demand schedules to build a graph in
the graphing area below. Then answer the questions that follow.
4. A shortage of grain has caused a change in the bakery's supply schedule. Use the supply
schedule to graph each point of the new supply curve. Connect each point with a line to build a
supply curve.
Price of bread per loaf
Quantity supplied
$4.50
30
$5.00
35
$5.50
40
$6.00
50
$6.50
60
Explain why the supply curve changed as compared to the previous graph. (2 points)
The curve has drastically changed because of the disruption in the supply chain. The shortage
of grain causes there to be less supply, so the line shifts starting points from 40 to 30. The
distance between the data points also decreases, as there is less bread in supply.
5. Customer demand for loaves of bread stays the same. Use the demand schedule to graph
each point of the demand curve. Connect each point with a line to build a demand curve.
Price of bread per loaf
Quantity demanded
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Related Questions
I am needing help with graphing number 2. I graphed it but I just need to check it as I am having trouble understanding it
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Part B
On the same graph paper, draw the Supply Curve for the Supply Schedule below, after Anton
discovered a faster way to shampoo hair.
Anton's Barber Shop New Supply Schedule
Price per Haircut
Quantity of Haircuts Supplied per day
$6
30
$8
40
$10
50
$12
60
$14
70
$16
80
5. What happened to the graph? Which direction did it move (right or left)?
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Draw the S & D Graph Assignment Instructions
Assignment Directions: Download and complete the attached assignment and submit in a Word, PDF, or pic format.
Supply and Demand
Draw the Graphs – Part 1
a
What is the difference between a "change in demand" and a "change in quantity demanded?" Graph your answer.
b.
For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand.
i.
a change in the price of a related good
ii.
a change in tastes
iii.
a change in the number of buyers
iv.
a change in price
v.
a change in consumer expectations
vi.
a change in income
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Write an examples of the product and service supplied in the United States by apply the theory of supply and demand. Also add diagram.
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Assume that the following represents a supply/demand diagram. Please indicate what labels should replace letters (a) through (e) in the diagram (identify the label with the letter).
(a)
(c)
(e)
(d)
(b)
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For each of the events described below, sketch a supply and demand graph that illustrates the event. Be sure to properly label all curves and relevant points in your graph. In the area to the left of your graph, explain why you think your graph is correct. In that area, also answer the questions asked.
Boba tea. Getting a cup of boba tea before class becomes the popular thing to do in Berkeley. Even people who had never heard of boba tea before moving to Berkeley are now drinking it. At the same time, more boba tea shops open in Berkeley. What is the effect on the price of a cup of boba tea? On the number of cups of boba tea sold purchased in Berkeley per month?
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Then graph the supply curve for the data set you chose.
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ellobrate the factors that will be affecting the supply of the following products in the next several years.why do you think the factors will cause the supply to increase or decrease?
Crude oil, hotle rooms, Beef, Fast food outlets, Laptop companies
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The term "supply" in a particular market refers to
Question content area bottom
Part 1
A.
only one point on the supply curve.
B.
the quantity actually sold to consumers.
C.
the particular quantity supplied at the moment.
D.
the entire relationship between quantity supplied and price.
E.
only one entry in a supply schedule.
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Help
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Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In the year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans are an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. (2 Marks) B. Why do you think that the farmers have switched to soya production? Justify your arguments. (2 Marks) C. Analyze the impact of renewable energy on the price of crude oil. (2 Marks) D. Examine the price of bread in the market. (2 Marks) E. What is market equilibrium? Explain your answer. (2 Marks)
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Typed answer please. I ll rate
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Plot the supply curve from the supply schedule information provided.
Price
Quantity supply
1
0
2
3
3
4
4
5
5
6
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What happens if other determinants change?
Question 2
Plot the demand curve from the demand schedule information provided.
Price
Quantity demanded
1
9
2
6
3
4
4
3
5
2
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What else do you think will happen?
(e) What happens if other determinants change?
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1. Draw a labeled graph showing the supply and demand curves. Mark P₁ and Q₁ on your graph. Then show an increase
in supply (as opposed to an increase in the quantity supplied.) Mark P2 and Q2 on your graph.
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Directions
Post your initial response by Thursday & reply to 2 other students by Saturday.
You have been learning about the factors that affect supply and demand as well as how price affects the quantity demanded or supplied. In this week's discussion board, you will be running a computer printer shop. You only produce and sell various types of printers which you make using various inputs.
Below is a list of economic conditions you are currently experiencing:
1. You implemented new technology to build the printers.
2. You experienced a decrease in the price of print ink cartridges a complement
for printers. 3. You increase the price of printers.
4. The price of plastic to make the printers decreases,
5. A new eco-friendly trend as emerged and your printer is rated #1 in eco- friendliness.
Using the 4-step process in described in chapter 3 complete the following for each scenario:
1. Step 1-Draw a demand curve and supply curve before the economic change took place label as…
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Plot the supply curve from the supply schedule information provided.
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What happens if other determinants change?
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a) Using the supply schedule given below, draw an accurately labelled supply curve. Also, comment on the shape of the supply curve. Why does the supply curve slope like this?
Explain clearly. Price 10 8 6 4 2 Supply 500 400 300 200 100
[Draw in paper; take photo and paste/Use MS Word/add screenshot]
b) Do you think the level of technology available have an impact on the supply of a product? Using examples, discuss the impact of technology on supply.
c) What do you think the impact of a change in tax on the supply of a product? Using examples, discuss the impact of tax on supply.
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Don't answer without diagram
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11. Study Questions and Problems #11
Initially, a market is in equilibrium, but then both demand and supply decrease. Suppose that the magnitude of the shift in demand is
greater than the shift in supply.
Use the graph input tool to help you answer the following question. You will not be graded on any changes you make to this graph.
PRICE
QUANTITY
Supply
Demand
As a result of the supply and demand shifts, the price will
Demand
--
Supply
, and the quantity will
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Explain the shifts in demand and/or supply that can result in the following observations:
(Assume the demand curve is downward sloping and the supply curve is upward sloping.) (In words, and graphic thanks)
(a) Both price and quantity rise.
(b) Price rises, quantity falls.
(c) Price rises, quantity doesn't change.
(d) Quantity rises, price doesn't change.
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Publisher:Glencoe/McGraw-Hill School Pub Co
Related Questions
- I am needing help with graphing number 2. I graphed it but I just need to check it as I am having trouble understanding itarrow_forwardPart B On the same graph paper, draw the Supply Curve for the Supply Schedule below, after Anton discovered a faster way to shampoo hair. Anton's Barber Shop New Supply Schedule Price per Haircut Quantity of Haircuts Supplied per day $6 30 $8 40 $10 50 $12 60 $14 70 $16 80 5. What happened to the graph? Which direction did it move (right or left)?arrow_forwardDraw the S & D Graph Assignment Instructions Assignment Directions: Download and complete the attached assignment and submit in a Word, PDF, or pic format. Supply and Demand Draw the Graphs – Part 1 a What is the difference between a "change in demand" and a "change in quantity demanded?" Graph your answer. b. For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand. i. a change in the price of a related good ii. a change in tastes iii. a change in the number of buyers iv. a change in price v. a change in consumer expectations vi. a change in incomearrow_forward
- Write an examples of the product and service supplied in the United States by apply the theory of supply and demand. Also add diagram.arrow_forwardAssume that the following represents a supply/demand diagram. Please indicate what labels should replace letters (a) through (e) in the diagram (identify the label with the letter). (a) (c) (e) (d) (b)arrow_forwardCan I have help to understand how to complete the supply schedule and the graph.arrow_forward
- Confused and don’t know what steps to take to solvearrow_forwardFor each of the events described below, sketch a supply and demand graph that illustrates the event. Be sure to properly label all curves and relevant points in your graph. In the area to the left of your graph, explain why you think your graph is correct. In that area, also answer the questions asked. Boba tea. Getting a cup of boba tea before class becomes the popular thing to do in Berkeley. Even people who had never heard of boba tea before moving to Berkeley are now drinking it. At the same time, more boba tea shops open in Berkeley. What is the effect on the price of a cup of boba tea? On the number of cups of boba tea sold purchased in Berkeley per month?arrow_forwardFor each question,start with a supply and demand graph of the market for tennis rackets. What happens to supply or demand in each scenario? Explain why and show on graph labeling the new equilibrium point.arrow_forward
- Then graph the supply curve for the data set you chose.arrow_forwardellobrate the factors that will be affecting the supply of the following products in the next several years.why do you think the factors will cause the supply to increase or decrease? Crude oil, hotle rooms, Beef, Fast food outlets, Laptop companiesarrow_forwardThe term "supply" in a particular market refers to Question content area bottom Part 1 A. only one point on the supply curve. B. the quantity actually sold to consumers. C. the particular quantity supplied at the moment. D. the entire relationship between quantity supplied and price. E. only one entry in a supply schedule.arrow_forward
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Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co