Understanding Double Shifts in Supply and Demand

Exploring the impact of simultaneous shifts in supply and demand on price and quantity in economics. Learn the essential skills to analyze changes, compare answers with peers, and apply tips for a deeper understanding of concepts. Engage in practical exercises to master the topic effectively.

• Economics
• Supply and Demand
• Price and Quantity
• Concepts
• Analysis

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Uploaded on Aug 26, 2024 | 0 Views

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1. DOUBLE SHIFTS IN SUPPLY AND DEMAND

2. Todays Agenda Objective: To explain the change in price and quantity when there is a shift in both supply and demand. Essential Skill: To demonstrate an understanding of concepts.

3. Review of Single Curve Shifts

5. Dual Shifts D S P ? Q D S P ? Q D S P Q? D S P Q?

6. P increase Q same Decrease in Demand S1 S1 S0 S1 E1 E1 E 1 Pe1 E Pe D1 D0 Qe1 Qe 0 Quantity of Video Games (thousands)

7. Tip S P increases Q increases P increases Q decreases

8. Practice Complete the worksheet Use the tip to check your answers Compare answers with a partner