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Day 1 Week 2 Q1 Applied Economics
Day 1 Week 2 Q1 Applied Economics
APPLIED ECONOMICS
WEEK 2 Q1
Day 1
September 7, 2023
APPLIED ECONOMICS
Week 2 (W2Q1)
OPENING PRAYER
ATTENDANCE
APPLIED ECONOMICS
Week 2 (W2Q1)
REVIEW
APPLIED ECONOMICS
Week 2 (W2Q1)
WEEK 2 Q1
APPLIED ECONOMICS
Week 2 (W2Q1)
MASK
APPLIED ECONOMICS
Week 2 (W2Q1)
ONIONS
APPLIED ECONOMICS
Week 2 (W2Q1)
RICE
APPLIED ECONOMICS
Week 2 (W2Q1)
FLOWERS
APPLIED ECONOMICS
Week 2 (W2Q1)
HAM
APPLIED ECONOMICS
Week 2 (W2Q1)
APPLIED ECONOMICS
Week 2 (W2Q1)
MARKET DEMAND,
MARKET SUPPLY and
MARKET EQUILIBRIUM
APPLIED ECONOMICS
Week 2 (W2Q1)
LEARNING OBJECTIVES
1. Analyze market demand, market supply and market
equilibrium.
APPLIED ECONOMICS
Week 2 (W2Q1)
Products can be
tangible (GOODS)
WHAT IS
WHAT IS
DEMAND?
- Is the willingness of a
consumer to buy a
commodity at a given
price.
LAW OF DEMAND
SAMPLE CASE
DEMAND SCHEDULE
PRICE QUANTITY
DEMAND SCHEDULE
- A table that shows the 2 50
quantity demanded of a
good or service at different 4 40
price levels.
6 30
8 20
10 10
LAW OF DEMAND
LAW OF DEMAND
- There is an inverse relationship between price and
quantity demanded.
- As price increases, the quantity demanded for the
product decreases.
LAW OF DEMAND
PRICE
10
The Demand
Curve is
downward 8
sloping
6
QUANTITY
DEMANDED
10 20 30 40 50
LAW OF DEMAND
PRICE
P Qd
10
P Qd
8
QUANTITY
DEMANDED
10 20 30 40 50
LAW OF DEMAND
PRICE CHANGE
A price change means there is movement along the
demand curve.
LAW OF DEMAND
PRICE
P Qd
10
P Qd
8
QUANTITY
DEMANDED
10 20 30 40 50
LAW OF DEMAND
Qd LEFT
10
QUANTITY
DEMANDED
10 20 30 40 50
LAW OF DEMAND
SAMPLE CASE
PRICE QUANTITY
2 50 70 Qd
4 40 60
6 30 50
8 20 40
10 10 30
LAW OF DEMAND
PRICE
Shifters of Demand
Preferences 10
Number of Buyers
Price of related goods 8
Income
Expectations 6
QUANTITY
DEMANDE
10 20 30 40 50 60 70
LAW OF SUPPLY
WHAT IS
SUPPLY?
- Refers to the quantity of
goods that a seller is
- The amount of specific
willing to offer for sale.
good or service that is
made available to the
consumers at a specific
price.
LAW OF SUPPLY
LAW OF SUPPLY
- There is a direct relationship between price and
quantity supplied.
- As price increases (decreases), the quantity supplied
of that product increases (decreases).
LAW OF SUPPLY
SAMPLE CASE
PRICE QUANTITY
2 10
4 20
6 30
8 40
10 50
LAW OF SUPPLY
PRICE
10
The Supply
Curve is upward
sloping 8
QUANTITY
SUPPLIED
10 20 30 40 50
LAW OF SUPPLY
PRICE
P Qs
10
P Qs
8
QUANTITY
SUPPLIED
10 20 30 40 50
LAW OF SUPPLY
PRICE CHANGE
A price change means there is movement along the
supply curve.
LAW OF SUPPLY
PRICE
P Qs
10
P Qs
8
QUANTITY
SUPPLIED
10 20 30 40 50
LAW OF SUPPLY
QUANTITY
SUPPLIED
10 20 30 40 50
LAW OF SUPPLY
SAMPLE CASE
PRICE QUANTITY
2 10 20 Qs
4 20 30
6 30 40
8 40 50
10 50 60
LAW OF SUPPLY
PRICE
10
QUANTITY
SUPPLIED
10 20 30 40 50 60