Question

Subject: Supply and Demand (Please double space your paragraphs and turn in through WebCampus).

Purpose: Ensure an accurate understanding of the supply and demand curves (learning objective #1 on

the syllabus). Grading will focus on the descriptions, not on writing techniques or style except in regard

to how the writing affects my ability to understand the descriptions.

Process: Your task is to draw graphs of and describe the supply and demand curves. The graphs (parts

1.a. and 2.a.) can be simple, but must be clear and properly identified. Each characteristic (parts 1.b.i

through 1.b.v and 2.b.i through 2.b.v) must be described in a separate 3-5 sentence

(maximum

)

paragraph. In other words, you’re assignment should end up with 2 graphs and ten short paragraphs.

Shorter answers (1 or 2 sentences) are fine if they properly describe the characteristics required (100

points possible).

1. Depicting the demand curve (review Chapter 3 slides 9-12, and 19-20) (50 points total).

a.

Graph a linear demand curve with vertical and horizontal intercepts. Also, indicate a

specific price and quantity demanded. Make sure to label the vertical and horizontal

axes (10 points).

Answer 1