Copy of Economics 2.03 Graphing Skills_Assignment_v23

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Feb 20, 2024

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2.03 GRAPHING SKILLS Economics Part 1: Create a Graph Part 1 of this assignment contains three steps. Step 1 Use the links below to select a supply and demand schedule from the end of this document to use for this assignment. Snack Chips | Slinkies | Pokémon Cards | Gaming Laptops Step 2 Graph a supply and demand curve, using the chosen supply and demand schedule. Step 3 Label your graph with the following: ● Market name ● Price on y-axis ● Quantity on x-axis ● Supply Curve (S) ● Demand Curve (D) ● Equilibrium Price ● Equilibrium Quantity

2.03 GRAPHING SKILLS | ECONOMICS 2

Part 2: Price Changes Answer the three questions below, based on how the following scenario impacts your graph. Scenario: The price of your product drops 10%. Question 1 What happens to the quantity of products demanded? More people want to buy the products and some may want to buy more products Question 2 What happens to the quantity of products supplied? Produce less Question 3 Is the economic term for this situation surplus or shortage? 2.03 GRAPHING SKILLS | ECONOMICS 3

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Shortage Part 3: Government Intervention Using the scenario below, follow the steps to update your graph and answer questions. Scenario: The government imposes an excise tax on something your product is made with (metal for slinkies, corn for snack chips, computer chips for laptops, cardboard for Pokémon cards). Step 1 Explain why this action would shift the supply of products produced. The tax is going to change the cost of production. The new tax is going to make it more expensive to produce Step 2 Describe whether there will be an increase or a decrease in the quantity of products supplied. Decrease 2.03 GRAPHING SKILLS | ECONOMICS 4

Step 3 Update your graph by drawing the shift in supply, and label your graph with the following: a. New Supply Curve (S1) b. New Equilibrium Price (Pe) c. New Equilibrium Quantity (Qe) Step 4 In one sentence, explain how the imposition of the excise tax affects the price and quantity of the products sold. Quantity decreased, price increased 2.03 GRAPHING SKILLS | ECONOMICS 5

Rubric ___/60 points 15 to >12 Points 12 to >7 Points 7 to >3 Points 3 to >0 Points 0 Points Part 1: Create a Graph The graph of the supply and demand curve accurately reflects one of the schedules. The graph includes all of the following items, correctly labeled: market name, price on y- axis, quantity on x-axis, supply curve (S), demand curve (D), equilibrium price (P e ), equilibrium quantity (Q e ). The graph of the supply and demand curve accurately reflects one of the schedules. The graph includes most of the following items, correctly labeled: market name, price on y- axis, quantity on x-axis, supply curve (S), demand curve (D), equilibrium price (P e ), equilibrium quantity (Q e ). The graph of the supply and demand curve accurately reflects one of the schedules. The graph includes some of the following items, correctly labeled: market name, price on y- axis, quantity on x-axis, supply curve (S), demand curve (D), equilibrium price (P e ), equilibrium quantity (Q e ). The graph of the supply and demand curve accurately reflects one of the schedules. The graph includes few of the following items, correctly labeled: market name, price on y- axis, quantity on x-axis, supply curve (S), demand curve (D), equilibrium price (P e ), equilibrium quantity (Q e ). A graph was not submitted . Part 2: Price Changes Responses to Part 2 correctly identify all of the following: the quantity of products demanded with a 10% decrease in price, what happens to the quantity of products supplied in this case, and whether the economic term for this is Responses to Part 2 correctly identify most of the following: the quantity of products demanded with a 10% decrease in price, what happens to the quantity of products supplied in this case, and whether the economic Responses to Part 2 correctly identify some of the following: the quantity of products demanded with a 10% decrease in price, what happens to the quantity of products supplied in this case, and whether the economic Responses to Part 2 do not correctly identify the following: the quantity of products demanded with a 10% decrease in price, what happens to the quantity of products supplied in this case, and whether the economic term for this is Responses to Part 2 are not present . 2.03 GRAPHING SKILLS | ECONOMICS 6

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15 to >12 Points 12 to >7 Points 7 to >3 Points 3 to >0 Points 0 Points surplus or shortage. term for this is surplus or shortage. term for this is surplus or shortage. surplus or shortage. Part 3: Government Intervention The response to Part 3 correctly explains all of the following: why this scenario would shift the supply of products produced, whether an increase or decrease in quantity of products supplied would occur, and how the imposition of an excise tax would affect price and quantity of the product. The response to Part 3 correctly explains most of the following: why this scenario would shift the supply of products produced, whether an increase or decrease in quantity of products supplied would occur, and how the imposition of an excise tax would affect price and quantity of the product. The response to Part 3 correctly explains some of the following: why this scenario would shift the supply of products produced, whether an increase or decrease in quantity of products supplied would occur, and how the imposition of an excise tax would affect price and quantity of the product. The response to Part 3 is missing most of the following: why this scenario would shift the supply of products produced, whether an increase or decrease in quantity of products supplied would occur, and how the imposition of an excise tax would affect price and quantity of the product. The response to Part 3 is not present . Part 3: Graph Update The graph is updated accurately and includes all of the following: a line indicating the shift in supply, labeled (S1), the new equilibrium price, labeled (Pe), and the new The graph is updated mostly accurately and/or includes most of the following: a line indicating the shift in supply, labeled (S1), the new equilibrium price, labeled The graph is updated somewhat accurately and/or includes some of the following: a line indicating the shift in supply, labeled (S1), the new equilibrium price, labeled The graph is not updated accurately and/or does not include the following: a line indicating the shift in supply, labeled (S1), the new equilibrium price, labeled (Pe), and the new The graph was not updated . 2.03 GRAPHING SKILLS | ECONOMICS 7

15 to >12 Points 12 to >7 Points 7 to >3 Points 3 to >0 Points 0 Points equilibrium quantity (Qe). (Pe), and the new equilibrium quantity (Qe). (Pe), and the new equilibrium quantity (Qe). equilibrium quantity (Qe). 2.03 GRAPHING SKILLS | ECONOMICS 8

Data Sets Snack Chips Price $ Quantity Demanded Quantity Supplied 1.80 1600 4800 1.60 2400 2400 1.40 3200 800 back to top Slinkies Price $ Quantity Demanded Quantity Supplied 5 100 200 4 150 150 3 200 100 back to top Pokémon Cards Price $ Quantity Demanded Quantity Supplied 10 50 110 7 80 80 4 110 50 back to top Gaming Laptops 2.03 GRAPHING SKILLS | ECONOMICS 9

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Price $ Quantity Demanded Quantity Supplied 1000 8 4 1800 6 6 2600 4 8 back to top 2.03 GRAPHING SKILLS | ECONOMICS 10

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