Today we will begin by applying demand and supply analysis to real situations. Then we will refine the demand and supply graph by considering the elasticity of the demand and supply in various markets. Additionally I will meet with each of you to review the opportunity cost paragraph you wrote on Day 1.
To do before class:
_____ Re watch the demand and supply videos from last time, here. pay attention to how the equilibrium is determined. And how and why shifts to demand and supply happen.
___ Revise the demand and supply summary page we did together in-class as necessary
___ Attempt the problems I emailed to you. Answer sheet will be emailed as well.