Market Interaction
Syllabus Coverage
2.1 Demand
2.5 Price Elasticity of Demand (& YED)
2.2 Supply
2.5 Price Elasticity of Supply
2.3 Competitive market equilibrium
2.4 Critique of the maximizing behavior of consumers and producers
Unit Readings
Below are all five of the chapters we will be using in this section of the course. You will be instructed when and how to use them as the course progresses. Each chapter will also be posted in the syllabus specific section of the page below.
Chapter Three:
Demand
Chapter Four:
Elasticity of Demand
Chapter Five:
Supply
Chapter Six:
Elasticity of Supply
Chapter Seven:
Equilibrium
Revalent Diagrams Guide (ignore page 4)
Demand
Students should read pages 44-54 in Chapter Three (above) to build a foundational understanding of concepts related to demand analysis. HL only concepts are on blue pages.
Pages 54-63 are HL extension pages which, apart from Nudge Theory, we will discuss near the end of the course.
We will use this slide show in class to introduce you to the economic rationale behind markets.
Use this Google Doc. to create a review document for future assessments related to demand.
Here is the slide show we will use in class to cover Demand Concepts
Law of Demand Video
(from Khan Academy)
Change in Demand versus Change in Qd
Income and Demand
(from Khan Academy)
Price of Related Goods and Demand (from Khan Academy)
Demand Worksheets: Use the following worksheets to practice demand analysis.
Changes in Qd vs. changes in Demand (from APIP)
Plotting Demand
Demand: Non-price factors
Demand and diminishing marginal Utility*
Before we move on, check your knowledge with this Google Quiz
Demand: Elasticity
Use this Google Doc. to create a review sheet for future assessments related to demand elasticity (and supply).
Slideshow we will use in class to work our way through our PED and YED discussions.
PES slides can be found here as well.
Price Elasticity of Demand
(from Khan Academy)
Elasticity & Total Revenue
(from Khan Academy)
Income Elasticity of Demand
(from tutor2u)
Click the feather for a Worksheet on practicing PED calculations.
Worksheets on practicing concepts related to PED analysis (from APIP).
Google Quiz for PED and YED
SupplY
All students should read pages 80-86 in Chapter Two (Above) to build a foundational understanding of concepts related to demand analysis.
HL Students must also become familiar with the ideas on pages 87-90.
Use this Google Doc. to create a review sheet for future assessments related to supply.
Law of Supply (from MRU)
Slide Show we'll use in class to cover Supply concepts.
Changes in Supply (from MRU)
Mathematical relationship between MC and the Supply Curve
Worksheet to practice plotting supply curves from a schedule
Worksheet to practice analysis for shifts of supply curves
HL Only:
Worksheet to understand MC and supply curve (apple farm)
HL Only:
Worksheet to understand MC and supply curve link
Google Quiz on Supply and PES
Supply: Elasticity
Google Slides for PES are at the end.
Google Doc for PES
Price Elasticity of Supply (from Khan Academy)
Worksheet to practice all elasticity math. PES, PED and YED
Equilibrium
PES for fun and practice
Google Document: Market Equilibrium
Google Slides:
Market Equilibrium
Equilibrium Article
Market Equilibrium
(from Khan Academy)
Worksheet to practice determining the new equilibrium
Worksheet to practice equilibrium and calculating relevant items
Worksheet to practice equilibrium and related markets
Worksheet with more practice of plotting and calculations
Hot Dog Worksheet for more practice of calculations related to equilibrium
Google Quiz for Equilibrium
HL Extension
Critique Of Maximizing Behaviour Theory
Reading: Critique of Maximizing Behavior Theory (NOT MADE Yet)
We will cover this concept later in our microeconomic unit.