Shifters
When a demand curve shifts to the right, is quantity demanded increasing or decreasing?
Increasing
The amount of a good or service that consumers are willing and able to buy at a specific price is called what?
Demand
Gasoline is consider to have what type of elasticity?
Inelastic
Which axis is price ALWAYS on?
Y-axis
What is Timberlake's mascot?
White Siberian Tigers
When the price of hot dogs sky rocket, what will happen to the demand curve of hot dog buns?
Shift to the left
What sellers are willing and able to sell at various prices is called what?
Supply
When elasticity is calculated, what does it mean when the result is above 1?
The product is Elastic
The degree to which the quantity demanded responds to changes in price is called
Elasticity
Name 2 teachers currently at Timberlake High that graduated from Timberlake.
Mallet, Malloy and Clary
When the forecast calls for low snow, which direction will the demand curve shift for purchasing lift tickets?
To the left
If prices of products rise, people will look for other options is called what?
Substitution Effect
When there are a lot of possible substitutes available, it makes the product what?
Elastic
Give an example of an product that has Elastic Demand? Support your answer.
Up to Amos
What high school did Mr. Eberlin graduate from?
St. Maries
The conflict in Iran is an example of what Supply Shifters?
Change in Conditions
What is the driving force to why there is a direct relation between price and quantity supplied?
Revenue
Calculate the percent change in price. You have 15 second.
Price - $35 to $75
114%
Give an example of an product that has Inelastic Supply? Support your answer.
Up to Amos
What year did Mr. Amos start teaching at Lakeland School District?
1997
Tariffs on steel is an example of what supply shifters?
Change in cost of inputs
What is the only factor that connects Supply and Demand?
Price
Calculate the elasticity of this product. You have 30 seconds.
Price - $5.00 to $10.00
Demand - 100 to 80
Price change - 100%
Demand change - 20%
Elasticity - .2
When an industry is able to adjust quantity supplied quickly will have what price elasticity?
Elastic
Which Timberlake teacher was a Medic in the Navy?
Mr. Ranney