Econ-4.3 Formative Assessment- Option 1

Drag and Drop

Use the Supply & Demand Schedule AND a Supply and Demand Graph for Pizza to answer the following questions.



What is the Equilibrium Price of Pizza? ​

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What is the Equilibrium Quantity of Pizza? ​

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Drag these tiles and drop them in the correct blank above

$9

3,000 pizzas

$12

$6

$15

$3

5,000 pizzas

7,000 pizzas

2,000 pizzas

1,000 pizzas

Drag and Drop

Use the Supply & Demand Schedule AND a Supply and Demand Graph for Pizza to answer the following questions.



Assume the current market price of Pizza is $15.00.

What type of inefficiency would occur in the market? ​

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What would be the AMOUNT of the inefficiency? ​

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Drag these tiles and drop them in the correct blank above

5,000 pizzas

7,000 pizzas

2,000 pizzas

1,000 pizzas

Surplus

4,000 pizzas

Shortage

Drag and Drop

Use the Supply & Demand Schedule AND a Supply and Demand Graph for Pizza to answer the following questions.



Assume the current market price of Pizza is $6.00.

What type of inefficiency would occur in the market? ​

Placeholder

What would be the AMOUNT of the inefficiency? ​

Placeholder

Drag these tiles and drop them in the correct blank above

5,000 pizzas

7,000 pizzas

2,000 pizzas

1,000 pizzas

Surplus

3,000 pizzas

Shortage

4,000

Audio Response

You will record your responses by clicking on the microphone and answering the following questions based on the graph given.

Question 1: Is DEMAND or SUPPLY is shifting?

Question 2: Is your answer in (1) INCREASING or DECREASING?

Question 3: Based on your answer in (1 & 2) is Equilibrium Price (Ep) INCREASING or DECREASING?

Question 4: Based on your answer in (1 & 2) is Equilibrium Quantity (Eq) is INCREASING or DECREASING?

Open Audio Recorder

Audio Response

You will record your responses by clicking on the microphone and answering the following questions based on the graph given. Be complete in your response.

Question 1: Is DEMAND or SUPPLY is shifting?

Question 2: Is your answer in (1) INCREASING or DECREASING?

Question 3: Based on your answer in (1 & 2) is Equilibrium Price (Ep) INCREASING or DECREASING?

Question 4: Based on your answer in (1 & 2) is Equilibrium Quantity (Eq) is INCREASING or DECREASING?

Open Audio Recorder

Open Ended

In the space provided, answer the following based on the Market and Scenario Given. The image provided are your 4 options for Question c.

a: What is Shifting - SUPPLY or DEMAND;

b: The Shifter that is causing the change to the curve you identified in a;

c: Identify the correct graph of the 4 provided that represents the proper shift;

d. Identify the change in Equilibrium Price (ep) & Equilibrium Quantity (eq) - INCREASE or DECREASE

Market: Minnesota-produced Toys

Scenario: Everything else remaining constant, Minnesota toy factories have invested in new equipment to mass-produce their products.

Open Ended

In the space provided, answer the following based on the Market and Scenario Given. The image provided are your 4 options for Question c.

a: What is Shifting - SUPPLY or DEMAND;

b: The Shifter that is causing the change to the curve you identified in a;

c: Identify the correct graph of the 4 provided that represents the proper shift;

d. Identify the change in Equilibrium Price (ep) & Equilibrium Quantity (eq) - INCREASE or DECREASE

Market: Cakes

Scenario: Everything else remaining constant, shows like Ace of Cakes and Cake Boss has inspired cake makers to enter into the cake-making industry.