Econ- 4.3 Formative Assessment Option 2

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

What is the Equilibrium Price of Salamander Stickers?​ (a)   ​  

What is the Equilibrium Quantity of Salamander Stickers? ​​ ​ (b)   Salamander Stickers

• $5.00
• $2.00
• $3.00
• $7.00
• $6.00
• 1
• 4
• 5
• 3
• 2

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

  Assume the current market price of GIANT SALAMANDER STICKERS is $3.00

1. What type of inefficiency would occur in the market? ​ (a)   ​​  

What would be the AMOUNT of the inefficiency? ​ (b)   Salamander Stickers

• Shortage
• Surplus
• 4
• 2
• 5
• 1

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

  Assume the current market price of GIANT SALAMANDER STICKERS is $6.00

1. What type of inefficiency would occur in the market? ​ ​​  

What would be the AMOUNT of the inefficiency? ​

• Surplus; 2 Salamander Stickers

• Surplus; 1 Salamander Sticker

• Shortage; 6 Salamander Stickers

• Shortage; 4 Salamander Stickers

Answer 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?

Answer 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?

• Demand;

  Decreasing;

  Ep is Decreasing;

  Eq is Decreasing

• Supply;

  Decreasing;

  Ep is Decreasing;

  Eq is Decreasing

• Demand;

  Increasing;

  Ep is Increasing

  Eq is Decreasing

• Supply;

  Increasing;

  Ep is Increasing;

  Eq is Decreasing

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: Rice

Scenario: Everything else remaining constant, consumers of rice are expecting the price of rice to increase in the near future.

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: Churro Waffles

Scenario:  Everything else remaining constant, the price of brown sugar decreases.  Assume brown sugar is an ingredient used to make churro waffles.

• a. Supply

  b. Input Prices

  c. Graph #1

  d. Ep Decreases & Eq Increases

• a. Demand

  b. Price of Related Goods

  c. Graph #4

  d. Ep Decreases & Eq Decreases

• a. Supply

  b. Government Regulations

  c. Graph #2

  d. Ep Increases & Eq Decreases

• a. Supply

  b. Input Prices

  c. Graph #2

  d. Ep Increases & Eq Decreases