TRIBE D or ROTTEN TRIBE ROTTEN A ___1

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“TRIBE”[D] or “ROTTEN” ”[ TRIBE ROTTEN A ___1. Increase in income on the market for camcorders A ___2. Increase in # of consumers on market for computers. D ___3. Producer expectations about a price increase. ___4. Consumer expectations about a price increase. A ___5. Increase in # of producers on market for digital cameras. C ___6. Increase in resource cost on the market for bagels. D ___7. Increase in the price of Apple’s i. Pod Video on the A market for Microsoft’s Zune. B ___8. Increase in the price of tea on the market for lemon. ___9. Increase in business taxes on the market for SUVs. D A ___10. Consumers expect a shortage of cell phones

Effect of Changes in “D” or “S” on Price and Quantity E 1 E 2 E 2 E 1 TRIBE ROTTEN 1. An increase in income if Microsoft’s Zune is a normal good would: a. increase D, increase P, & increase Q. c. increase S, increase P, & increase Q. b. increase D, increase P, & decrease Q. d. decrease D, increase P, & increase Q. 2. A decrease in the price of resources used to produce laptops will: a. increase S, increase P, & increase Q. b. increase D, increase P, & increase Q. c. decrease S, decrease P, & decrease Q. d. do none of the above 3. Decrease in price of butter on the market for the substitute margarine: margarine a. increase D, increase P, & decrease Q. b. decrease D, decrease P, & increase Q. c. decrease D, increase P, & decrease Q. d. do none of the above 4. An improvement in technology used to produce DVDs will: a. decrease S, increase P, & decrease Q. c. increase S, decrease P, & increase Q. b. decrease S, increase P, & increase Q. d. decrease D, decrease P, & decrease Q. 5. A decrease in the number of consumers for Fuzzy Wuzzies: a. decrease S, decrease P, & decrease Q. c. decrease D, decrease P, & decrease Q. b. increase D, increase P, & increase Q. d. decrease D, decrease P, & increase Q.

Effect of Changes in “D” or “S” on Price and Quantity TRIBE 6. A decrease in taste for Fuzzy Wuzzies would: a. increase D, increase P, & increase Q. c. increase S, increase P, & increase Q. ROTTEN b. decrease D, increase P, & decrease Q. d. decrease D, decrease P, & decrease Q. 7. A reduction in the number of firms producing laptops: a. increase S, increase P, & increase Q. c. decrease S, increase P, & decrease Q. b. increase D, increase P, & increase Q. d. decrease S, decrease P, decrease Q. 8. An increase in the price of pancakes, a complement for syrup would: a. increase D, increase P, & decrease Q. c. decrease D, decrease P, & decrease Q. b. decrease D, decrease P, & increase Q. d. do none of the above 9. A decrease in income upon the market for spam would: a. decrease S, increase P, & decrease Q. c. increase D, decrease P, & increase Q. b. decrease S, increase P, & increase Q. d. increase D, increase P, & increase Q. 10. Consumer expectations that the price of PSP will increase by 50% in the future will: a. decrease S, decrease P, & decrease Q. c. decrease D, decrease P, & decrease Q. b. increase D, increase P, & increase Q. d. decrease D, decrease P, & increase Q.

[D – “TRIBE”; QD – price change of product (inverse)] C ___1. Which of the following will cause an "Increase in Demand" for computers? a. decrease in price of computers b. decrease in income ___2. Which of the following will cause an A a. decrease in price of computers in d. increase in price of computers d. increase the price of compu ters "Increase in QD" for computers? b. decrease in income C ___3. Which of the following will cause a c. increase in income in c. increase income d. increase in price of computers "Decrease in Demand" for plasma TVs? a. increase in price of plasma TVs b. decrease in price of plasma TVs A ___4. Which of the following will cause a c. decrease in # ofers(marketsize) consumers c. decrease in # of consum "Decrease in QD" for plasma TVs? c. decrease in # of consumers ( market size) [S – “ROTTEN”; QS C ___5. Which of the following will a. b. decrease in price of DVDs increase in price of DVDs – price change of product (direct)] cause an "Increase in Supply" for DVDs? B ___6. Which of the following will cause an a. decrease in price of DVDs b. increase in price of DVDs c. decrease in resource cost d. expectations of price increase "Increase in QS" for DVDs? c. decrease in resource price d. expectations of price increase ___7. Which of the following will cause a D "Decrease in Supply" for DVDs? B ___8. Which of the following will cause a "Decrease in QS" for digital cameras? a. increase in price of DVDs b. decrease in price of DVDs a. increase in price of cameras b. decrease in price of cameras c. subsidies to suppliers of DVDs d. expectations of price increase c. subsidies to suppliers of cameras d. expectations of digital camera price increase

“Increase in D 1 D 2 S “Decrease in D 1 S D 2 P P (A) B ___1. C ___2. B ___3. C ___4. D ___5. D ___6. B ___7. C ___8. D” TRIBE (B) D” “Increase in S” D S 1 S 2 P (C) “Decrease in S” S 2 D S 1 P ROTTEN (D) Increase in price of computers on market for software. Decrease in auto worker wages on the market for autos Decrease in the price Pepsi on the market for Coke Decrease in the price of computer chips on the computer market Increase in price of fertilizer on the market for wheat Decrease in government subsidies on market for AIDS research Increase in incomes on market for used clothing A new professional soccer league is formed upon the market for soccer games D ___9. Producer expectations that the price of orange juice will increase 30% in 3 weeks? A ___10. Consumer expectations that the price of orange juice will increase 30% in 3 weeks? A ___11. Decrease in price of computers upon market for monitors? monitors

Quick Quiz #1 Last name A-M

S & D Quiz 1 for “Milk” [“+ or –”; “D” or “S”] [How does each situation shift the “D” or “S” curve for milk? ] 1. Milk workers become unionized and win an increase in wages 2. A decrease in price of the alternative output cheese affect milk supply. 3. A negative report on the dangers of cholesterol affect the taste for milk. 4. Milk demand is affected by an increase of 10 million consumers 5. Cookies, a complement of milk, increase in Cookies milk I love to listen price and therefore affect the demand for milk to Ave Maria. 6. A technological breakthrough is discovered by a BL student who discovers that cows supply more milk if Ave Maria is playing during milking. 7. Milk producers expect milk prices to decrease 25% in one week. 8. Due to a deadly cow plague (caused by too much cow belly dancing), milk availability is expected to shrink by 50% & impact the current demand for milk. 9. Subsidies for milk production are increased by 20 cents per gallon. 10. The price of orange juice, a substitute for milk, increased by 20%. juice 20% 5 Demand Shifters 1. 2. 3. 4. 7 Supply Shifters Taste - direct 1. Resource cost [wages/raw materials – INVERSE Income[normal-direct; inferior-INVERSE 2. Alternative output price changes - INVERSE Market size (# of consumers–direct) 3. Technology - direct Expectations(Consumer) availability-INVERSE 4. Number of suppliers - direct future income-direct; future price-direct 5. Expectations[producer] about future price-INVERSE 5. Related good price changes 6. Subsidies - direct [substitutes-direct; complements-INVERSE 7. Taxes - INVERSE 1. –S 6. +S 2. +S 7. +S 3. –D 8. +D 4. +D 9. +S 5. –D 10. +D

Quick Quiz #2

S & D Quiz 2 for “Milk” [“+ or –”; “D” or “S”] [How does each situation shift the “D” or “S” curve for milk? ] 1. Milk producers hire fewer union workers, decreasing resource cost 2. An increase in price of the alternative output cheese affect milk supply. 3. A positive report on the benefits of milk affect the taste for milk. 4. Milk demand is affected by a decrease of 20 million consumers 5. Cookies, a complement of milk, decrease milk I love Enya. in price & therefore affect the demand for milk 6. A technological breakthrough is discovered by a BL student who discovers that cows supply more milk if Enya is singing during milking. 7. Milk producers expect milk prices to increase 25% in two weeks. 8. Due to a deadly cow plague (caused by too much cow belly dancing), milk availability is expected to shrink by 60% & impact the current demand for milk. 9. Subsidies for milk production are decreased by 20 cents per gallon. 10. The price of orange juice, a substitute for milk, decreased by 20%. juice 20% 5 Demand Shifters (TIMER) 7 Supply Shifters – (RATNEST) 1. Taste - direct 1. Resource cost [wages/raw materials – INVERSE 2. Income[normal-direct; inferior-INVERSE 2. Alternative output price changes -INVERSE 3. Market size (# of consumers–direct 3. Technology - direct 4. Expectations(Consumer) availability-INVERSE 4. Number of suppliers - direct future income-direct; future price-direct; 5. Expectations[producer] about future price-INVERSE 5. Related good price changes 6. Subsidies - direct [substitutes-direct; complements-INVERSE 7. Taxes - INVERSE 1. +S 2. -S 3. +D 4. -D 5. +D 6. +S 7. -S 8. +D 9. -S 10. -D

“You da man” Review for Demand Supply

i. Pod Nano $250. 00 D Reasons For Downsloping “D” Curve 1. Income Effect –current buyers buy more. 2. Substitution Effect– new buyers now purchase. Effect 3. Diminishing Marginal Utility - because buyers of successive units receive less marginal utility, they will buy more only when the price is lowered. Change in QD 1. Price change 2. Movement Price QD [up/down the demand curve] 3. Point to point [along the curve] I n v ers e relationship “D” refers to the “whole 2 QD 1 QDcurve”. [“all prices”] “QD” refers to a “point on the curve” based on a “particular price. ”

“Let’s make more. ” - As price increases …Q S also increases -As price decreases … QS also decreases “Take it. We are losing money. ” S P 2 P 1 QS 2 P 1 S P 2 QS 1 Direct relationship between P & QS

“TRIBE” P Tastes [direct] direct Related Good Price Changes R [substitutes-direct; complements-inverse] direct Incomes -Normal [direct] & Inferior[inverse] direct B - # of Buyers - Market Size(# of M consumers) [direct] direct Expectations of consumers about E [future price-direct; future direct income [direct]; and availability [inverse] Helmets

“Demand Shifters” [TRIBE] 1. Taste [direct] 2. Related Good *Prices [substitutes-direct] [complements-inverse] 3. Income [normal-direct] [inferior-inverse] 4. Buyers # - Market Size [number of consumers-direct, 5. Expectations [of consumers about future *price-direct about future availability-inverse, or about future income–direct. ] D 1 D 3 D 1 D 2 P Butter D 1 D 2 P P 2 Complement [ i n v ers e] P P 1 D QD 1 QD 2 Bread Substitute [Direct] Bagels Changes in “D” [curve] 1. Non price change [“TIMER”] 2. Whole “D” curve shifts QD 3 QD 1 QD 2 [There is a change in “QD” but it is not caused by a change in “price. ” [QD-”single price”; D-”all prices”] price” prices”

GRAPHING DEMAND [“Change in QD”] Price $5 Plot the Points CORN P QD $5 10 4 20 3 35 2 55 1 80 4 3 2 1 o 10 20 30 40 50 60 Quantity of Corn 70 80 Q

If QS>QD; Price Decreases If QS<QD; Price Increases If QD=QS; Price Stays Same Dollar Price $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 0 D QD QD Price Floor Surplus E QS QS 70 QS S QS 120 =120 QD=QS Price Ceiling QD Shortage QD 175 20 40 60 75 100 120 140 160 180 200 220 Quantity (units of any good or service)

I only have 200 acres Change in “Supply” [Curve] 1. “Non-price change” [ROTTEN 2. Whole supply curve “shifts”. [There was a QS change but it was not caused by a change in price] Corn Broccoli S P 2 P 1 P S 2 S 1 Alternative Output Price Change [ I N V ER S E] “Substitutes in production” S 1 S 2 P QS 1 QS 2 [new football league- bigger “S” of games] S 3 S 1 P S 2 Don’t confuse these two with Chg in QS. “Suppliers produce smaller/ larger quantities at each price. ” QS 3 QS 1 QS 2

D P D 1 Q D 1 D [TRIBE] A “D” for flag after 9/11 D 1 P 2 P 1 S B S Q P D 2 Slide Rule After introduction of calculator P 2 After “Looking For Nemo” Q 1 Q 2 “Increase in Demand” S P Q Q 2 Q 1“Decrease in Demand” Four Possibilities [ROTTEN] D C S 1 Increase in $1. 85 supply of gas S D P D $1. 85 $1. 00 Q 1 Q 2 S 1 Decrease in “S” of gas $1. 00 “Increase in Supply” Q Q 2 Q 1 “Decrease in Suppy”

“Change in QD” D “Change in QS” S P 2 P 1 P 2 Price Change P 1 QD 2 [I N V E R S E ] P 2 P 1 Point to Point Movement P 1 QS 2 [DIRECT] S P 2 QD 1 [What is not held constant in these 4? ] QS 2 QS 1 “Change in Demand” TRIBE D 1 Q 2 S 1 S 2 Non-Price Change Whole Curve Shifts ROTTEN “Chg in Supply” Q 1 Q 2 D 1 D 2 Q 1 S 2 S 1 Q 2 Q 1

Price Changes for Substitutes & Complements D D 1 Subs - Direct Dr Pepper P 1 Coke D 2 P P 2 D P 1 Complements - Inverse D 1 Motorcycles P 2 D 2 P Helmets QD 1 QD 2 Alternative Outputs - Inverse S 1 S P 1 P P 2 QS 1 Corn S 2

“Increase in D 1 D 2 S “Decrease in D 1 S D 2 P P (A) ___1. A ___2. D ___3. A ___4. D ___5. C ___6. C ___7. A ___8. C D” TRIBE (B) D” “Increase in S” D S 1 S 2 P (C) “Decrease in S” S 2 D S 1 P ROTTEN (D) Decrease in the price of printers on the market for cartridges. Increase in worker wages on the market for computers Increase in the price Dr. Pepper on the market for Coke Increase in the price of computer chips on the computer market Decrease in price of fertilizer on the market for wheat Increase in government subsidies on the market for AIDS research Decrease in incomes on the market for used clothing New professional hockey league is formed upon the market for hockey games ___9. Producer expectations that the price of C orange juice will decrease 30% in 3 weeks? ___10. Consumer expectations that the price of B orange juice will decrease 30% in 3 weeks? ___11. Decrease in price of computers upon market for monitors? monitors A

Effect of Changes in “D” or “S” on Price and Quantity TRIBE ROTTEN 1. A decrease in income if spam is an inferior good would: a. increase D, increase P, & increase Q. c. increase S, increase P, & increase Q. b. increase D, increase P, & decrease Q. d. decrease D, increase P, & increase Q. 2. An increase in the price of resources used to produce DVD Players will: a. increase S, increase P, & increase Q. b. increase D, increase P, & increase Q. c. decrease S, decrease P, & decrease Q. d. decrease S, increase P, & decrease Q. 3. Decrease in price of butter on the market for the substitute margarine: margarine a. increase D, increase P, & decrease Q. b. decrease D, decrease P, & increase Q. c. decrease D, increase P, & decrease Q. d. do none of the above 4. An improvement in technology used to produce DVDs will: a. decrease S, increase P, & decrease Q. c. increase S, decrease P, & increase Q. b. decrease S, increase P, & increase Q. d. decrease D, decrease P, & decrease Q. 5. An increase in the number of consumers for Fuzzy Wuzzies: a. decrease S, decrease P, & decrease Q. c. decrease D, decrease P, & decrease Q. b. increase D, increase P, & increase Q. d. decrease D, decrease P, & increase Q.

Effect of Changes in “D” or “S” on Price and Quantity TRIBE ROTTEN 6. An increase in taste for Fuzzy Wuzzies would: a. increase D, increase P, & increase Q. c. increase S, increase P, & increase Q. b. decrease D, increase P, & decrease Q. d. decrease D, decrease P, & decrease Q. 7. A reduction in the number of firms producing laptops: a. increase S, increase P, & increase Q. c. decrease S, increase P, & decrease Q. b. increase D, increase P, & increase Q. d. decrease S, decrease P, decrease Q. 8. A decrease in the price of pancakes, a complement for syrup would: pancakes a. increase D, increase P, & decrease Q. c. Increase D, increase P, & increase Q. b. decrease D, decrease P, & increase Q. d. do none of the above 9. An increase in income upon the market for used cars would: a. decrease S, increase P, & decrease Q. c. increase D, decrease P, & increase Q. b. decrease S, increase P, & increase Q. d. decrease D, decrease P, & decrease Q. 10. Consumer expectations that the price of Nintendo DS will increase by 50% in the future will: a. decrease S, decrease P, & decrease Q. c. decrease D, decrease P, & decrease Q. b. increase D, increase P, & increase Q. d. decrease D, decrease P, & increase Q.

7 [D – “TRIBE”; QD – price change of product(inverse)] Revised B ___1. Which of the following will cause a “Decrease in Demand" for Seven jeans? a. decrease in price of Seven jeans b. decrease in income D Which of the following will ___2. cause a c. increase in income in the price of of Sevens d. increase in price compu ters “Decrease in QD" for Seven jeans? a. decrease in price of Seven jeans b. decrease in income in c. increaseincome C ___3. Which of the following will cause an “Increase in Demand" for Seven jeans? a. increase in price of Seven jeans b. decrease in price of Seven jeans B ___4. Which of the following will cause an d. increase in price of Sevens consumers c. c. increase # of consum decrease in in # of ers(marketsize) “Increase in QD“ for Seven jeans? c. decrease in # of consumers( marketsize) [S – “ROTTEN”; QS D ___5. Which of the following will a. b. – price change of product (direct)] cause an “Decrease in Supply" for the Zune? decrease in price of the Zune increase in price of the Zune A ___6. Which of the following will cause an a. decrease in price of the Zune b. increase in price of the Zune C ___7. Which of the following will cause a a. increase in price of the Zune b. decrease in price of the Zune A ___8. Which of the following will cause a a. increase in price of the Zune b. decrease in price of the Zune c. decrease in resource cost d. expectations of price increase for the Zune “Decrease in QS" for the Zune? c. decrease in resource price of the Zune d. expectations of price increase for the Zune “Increase in Supply" for the Zune? c. subsidies to suppliers of the Zune d. expectations of price increase for the Zune “Increase in QS" for the Zune? c. subsidies to suppliers of the Zune d. expectations of a Zune price increase

Practice “Supply Quiz” 1. Which would cause a “decrease in supply” for MP 3 Players? a. decrease in the price of MP 3 s b. increase in the price of MP 3 s c. decrease in MP 3 resource cost d. producer expectations of a price increase 2. Which would cause a “decrease in QS” for MP 3 s? a. decrease in the price of MP 3 s b. increase in the price of MP 3 s c. decrease in MP 3 resource cost d. producer expectations of a price increase 3. Which would cause an “increase in supply” for MP 3 Players? a. decrease in the price of MP 3 Players b. increase in the price of MP 3 s c. decrease in MP 3 resource cost d. producer expectations of a price increase 4. Which would cause an “increase in QS” for MP 3 s? a. decrease in price of MP 3 s b. increase in price of MP 3 s c. decrease in MP 3 resource cost d. producer expectations of a price increase 5. An increase in the price of asparagus will (increase/decrease) the supply of the alternative output peas. 6. A 50% decrease in the price of “computer chips” will (increase/decrease) the (supply/QS) for “computers”. 7. Which would cause an “increase in supply” for MP 3 Players? a. increase in wages for MP 3 Player workers. b. subsidies($100 per computer) are given to MP 3 Player companies. c. subsidies for MP 3 Player makers being taken away.

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