Think Critically a. Use the data below to construct a demand curve for pizza. Price Quantity 14 100 12 200 10 300 8 400 6 500 b. Explain two (2) reasons why the demand curve has a negative slope. c. For each of the following situations relating to the demand for pizza. identify the factor affecting demand demonstrate on the axes provided, and explain, the effects of the change. (I)an increase in the price of hamburgers Factor: ___________________________________ Explanation: ______________________________ (II) a media report announces that eating pizza increases the risk of heart disease Factor: ___________________________________ Explanation: ______________________________ d. What role does price play in the market and how does the type of market impact on the determination of price?
Think Critically a. Use the data below to construct a demand curve for pizza. Price Quantity 14 100 12 200 10 300 8 400 6 500 b. Explain two (2) reasons why the demand curve has a negative slope. c. For each of the following situations relating to the demand for pizza. identify the factor affecting demand demonstrate on the axes provided, and explain, the effects of the change. (I)an increase in the price of hamburgers Factor: ___________________________________ Explanation: ______________________________ (II) a media report announces that eating pizza increases the risk of heart disease Factor: ___________________________________ Explanation: ______________________________ d. What role does price play in the market and how does the type of market impact on the determination of price?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Think Critically
a. Use the data below to construct a demand curve for pizza.
|
|
Quantity |
|
14 |
100 |
|
12 |
200 |
|
10 |
300 |
|
8 |
400 |
|
6 |
500 |
b. Explain two (2) reasons why the demand curve has a negative slope.
c. For each of the following situations relating to the demand for pizza.
- identify the factor affecting demand
- demonstrate on the axes provided, and explain, the effects of the change.
(I)an increase in the price of hamburgers
Factor: ___________________________________
Explanation: ______________________________
(II) a media report announces that eating pizza increases the risk
of heart disease
Factor: ___________________________________
Explanation: ______________________________
d. What role does price play in the market and how does the type of market impact on the determination of price?
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