CACHAPERO ACADEME, INC.

Formerly CACHAPERO ḺEARNING SCHOOḺ, INC.

B7 L13 MAHOGANY ST. NARRA HOMES CARSADANG BAGO 2, CITY OF IMUS,
CAVITE TEL. NO (046) 471 - 7853
administrator@cai.edu.ph

APPLIED ECONOMICS
Academic Year 2023 – 2024
THIRD QUARTERLY ASSESSMENT

NAME: GRADE & SECTION:

TEACHER: MRS. AIDA D. EUSEBIO, LPT. DATE:

I. IDENTIFICATION: Choose the correct answer inside the box.

Law of Supply Supply Curve Price Elasticity of Supply

Supply Schedule Price Control Demand Curve
Supply Law of Demand Market Equilibrium
Price of Elasticity of Demand

______________1. Measure how much the quantity demanded of a good respond to a change in the price of a particular good.
______________2. It measures how much the quantity supplied of a good respond to a change in the price of a particular good.
______________3. The term used to describe the government regulation on the price at which a good can be sold.
______________4. Where the quantity of goods and services that consumers are willing to buy matches the quantity of goods and
services that producers are willing to sell.
______________5. Refers to the quantity of a commodity in the market that a producer wants to sell in a given period of time.
______________6. States that price and quantity supplied are positively related.
______________7. It is a graphical representation of the supply schedule.
______________8. A table showing how the quantity of a good or service that producers want to sell changes as the price of that
good or service changes.
______________9. Graphical representation of the demand schedule.
______________10. States that there is an increase relationship between the price of a good and its quantity demanded.

II. ANALYSIS. Read and analyze the following situation depicts, tell whether if it is SURPLUS, SHORTAGE, or EQUILIBRIUM.

_____________11. The quantity supplied of sweet potato in Pasig City Mega Market is 200 kilograms while the quantity
demanded is also 200 kilograms.
_____________12. One hundred pieces of ballpen are needed in Liberato Damian Elementary School, but only 50 pieces
are being sold at Dale’s School Supplies store.
_____________13. The buyers and sellers in a lanzones market agreed on the price of ₱50.00 for a kilo of lanzones.
_____________14. There are 90 cavans of rice in the warehouse of Mr. Ramos while only 20 cavans are demanded by
consumers.
_____________15. The town residents purchased all the bread sold by Aling Berna and other sellers.
_____________16. Buyers want two dozen eggs but only ten pieces are being sold in the stores.
_____________17. Six kilograms of tilapia were sold in the wet market, but two extra kilos remained unsold.
_____________18. Ten packs of cigarettes were bought in the morning. For unknown reasons, the remaining six packs
had not been bought.
_____________19. Jojo and the other sellers were able to get home early because all the bananas from Davao were
sold.
_____________20. The stock of food in the school canteen was left untouched because classes were suspended.

II. ANALYSIS (PART II). Examine each given statement, tell whether it is INCREASE or DECREASE. Write a demand
effect for each given statement. (2 points each)
_____________21 – 22. Francis lost his job.

_____________23 - 24. Mussels coming from Cavite are affected by red tide.
 CACHAPERO ACADEME, INC.
Formerly CACHAPERO ḺEARNING SCHOOḺ, INC.
B7 L13 MAHOGANY ST. NARRA HOMES CARSADANG BAGO 2, CITY OF IMUS,
CAVITE TEL. NO (046) 471 - 7853
administrator@cai.edu.ph

_____________25 - 26. The price of a substitute good decreased.

_____________27 - 28. Mayet will receive her 13th month’s pay soon.

_____________29 - 30. As a result of the completion of a 2 condominium, the number of residents & Barangay
Magbunga. increased.

III. PROBLEM SOLVING. Depict graphically the demand schedule shown below. (20 points)

Price per Kilo Quantity Demand

5 50
10 40
15 30
20 20
25 10

31 – 35. Why is quantity demand higher when the price is ₱5.00?

36 – 40. What happens to demand when price increases from ₱5.00 to ₱25.00? Explain your answer.

41 – 45. In your own words, explain the Law of Demand.

46 – 50. Why is supply lower when the price is lower?

IV. SHORT-RESPONSE ESSAY. Read the questions carefully and answer accordingly and constructively.

Rubrics:
Critical Thinking, Content and Organization – 6 points
Conventions / Penmanship –4 points
Total: 10 points

51 – 60. What is meant by the claim that both buyers and sellers are satisfied when the market is in equilibrium?

61 – 70. Explain how Law of Supply and Demand affected the following:
a) Price
b) Salaries
c) Production

Prepared by: Parent’s/Guardians Signature:

 CACHAPERO ACADEME, INC.
Formerly CACHAPERO ḺEARNING SCHOOḺ, INC.
B7 L13 MAHOGANY ST. NARRA HOMES CARSADANG BAGO 2, CITY OF IMUS,
CAVITE TEL. NO (046) 471 - 7853
administrator@cai.edu.ph

Mrs. Aida D. Eusebio, LPT. _________________________

Applied Economics Teacher