Econ- 4.1 Formative Assessment Option 2

1. Attached  is a Demand Schedule and Demand Curve for Ice Cream Cones.

2. Assume the current price of Ice Cream Cones is $1.50. Now, a change has occurred causing the price of Ice Cream Cones to double. 

1. What would be the NEW PRICE? ​ (a)   ​

2. What would be the QUANTITY DEMANDED the NEW PRICE?  ​​ (b)   ice cream cones

• $3.00
• $2.50
• $2.00
• $1.50
• 100
• 200
• 300
• 400
• 500
• $0.50

1. Attached  is a Demand Schedule and Demand Curve for Ice Cream Cones.

2. Assume the current price of Ice Cream Cones is $2.50. Now, a change has occurred causing the price of Ice Cream Cones to decrease by $1.50. 

1. What would be the NEW PRICE? ​​ (a)   ​ ​

2. What would be the QUANTITY DEMANDED the NEW PRICE?  ​​​ (b)   ice cream cones

• $1.00
• 500
• $3.00
• $2.50
• $2.00
• $1.50
• $0.50
• 100
• 200
• 300

Click on the correct change in the image provide that shows a DECREASE in QUANTITY DEMANDED

Click on the correct change in the image provide that shows an INCREASE in DEMAND

Click on the correct change in the image provide that shows an INCREASE in QUANTITY DEMANDED

Identify the following for the scenario given below:

• - Is DEMAND changing OR QUANTITY DEMANDED changing;

• - Would your previous response INCREASE or DECREASE based on the scenario given.

• Scenario: Everything else remaining constant, the average income in the US has increased by 4% since the beginning of 2019.

• Demand; Increase

• Quantity Demanded; Increase

• Demand; Decrease

• Quantity Demanded; Decrease

Directions: For the scenario below DEMAND will be shifting, provide the following:

a: The Shifter that is causing the demand curve to shift; 

b: What happens to Demand (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in demand.

1. Market: Chipotle Restaurant Food; Scenario: Everything else remaining constant; the population of the US has decreased over the past 5 years.

Directions: For the scenario below DEMAND will be shifting, provide the following:

a: The Shifter that is causing the demand curve to shift; 

b: What happens to Demand (INCREASE or DECREASE) & 

c: Identify the Graph Provided that shows the proper change in demand.

Market: Peanut Butter; Scenario: Everything else remaining constant, the price of grape jelly has decreased.  Assume people buy peanut butter when they purchase grape jelly.