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  • Determining and Managing Prices

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    AndyScheel
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    This document is an economics lesson plan that discusses key concepts like market equilibrium, surplus, shortage, price ceilings, price floors, and minimum wage. It asks students to create demand and supply schedules for sample products like hot wings and salad. Students are asked to determine the equilibrium prices and consider selling the products as a meal. They are prompted to discuss how price flexibility, consumer choice, and incentives could make the meal pricing more efficient.

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    This document is an economics lesson plan that discusses key concepts like market equilibrium, surplus, shortage, price ceilings, price floors, and minimum wage. It asks students to create demand and supply schedules for sample products like hot wings and salad. Students are asked to determine the equilibrium prices and consider selling the products as a meal. They are prompted to discuss how price flexibility, consumer choice, and incentives could make the meal pricing more efficient.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    66 views2 pages

    Determining and Managing Prices

    Uploaded by

    AndyScheel
    This document is an economics lesson plan that discusses key concepts like market equilibrium, surplus, shortage, price ceilings, price floors, and minimum wage. It asks students to create demand and supply schedules for sample products like hot wings and salad. Students are asked to determine the equilibrium prices and consider selling the products as a meal. They are prompted to discuss how price flexibility, consumer choice, and incentives could make the meal pricing more efficient.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    DETERMINING AND MANAGING PRICES

    ECONOMICS
    MR. SCHEEL

    1. What is market equilibrium?

    2. What is a surplus?

    3. What is a shortage?

    4. What is a price ceiling?

    5. What is a price floor?

    6. Define minimum wage.

    7. What are three drawbacks to rationing?

    8. What is a black market?

    Create a demand and supply schedule for the following products: CREATE YOUR OWN PRICES AND NUMBERS
    FOR Qd and Qs. (see p. 103 for example)

    Hot Wings Salad Bacon Cheeseburger French Fries Pop Cheesecake


    What are the equilibrium prices for each product?

    If you sold this as a meal, what would the price be?

    How can we allow the consumers to make choices? How is the price flexible? How can we add incentives? Is the
    price of this meal efficient? (PLEASE WRITE ANSWERS IN PARAGRAPH FORM)

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