You are on page 1of 24

Senior High School

Applied Economics
Module 3:
Application of Supply and Demand

AIRs - LM
LU_Applied Economics_Module 3
ABM – Applied Economics
Module 3: Application of Supply and Demand
Second Edition, 2021

Copyright © 2021
La Union Schools Division
Region I

All rights reserved. No part of this module may be reproduced in any form without written
permission from the copyright owners.

Development Team of the Module

Author: Irene F. Abenes


Editor: SDO La Union, Learning Resource Quality Assurance Team
Content Reviewer: Clarita Montemayor Espiritu
Language Reviewer: Mary Grace G. Bambao
Illustrator: Ernesto F. Ramos Jr.
Design and Layout: Angela Pauline C. Ganuelas

Management Team:

Atty. Donato D. Balderas Jr.


Schools Division Superintendent
Vivian Luz S. Pagatpatan, Ph.D
Assistant Schools Division Superintendent
German E. Flora, Ph.D, CID Chief
Virgilio C. Boado, Ph.D, EPS in Charge of LRMS
Lorna O. Gaspar, EPS in Charge of ABM
Michael Jason D. Morales, PDO II
Claire P. Toluyen, Librarian II

Printed in the Philippines by: _________________________

Department of Education – SDO La Union


Office Address: Flores St. Catbangen, San Fernando City, La Union
Telefax: 072 – 205 – 0046
Email Address: launion@deped.gov.ph

LU_Applied Economics_Module 3
Senior High School

Applied Economics
Module 3:
Application of Supply and Demand

LU_Applied Economics_Module 3
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear
learners, can continue your studies and learn while at home. Activities,
questions, directions, exercises, and discussions are carefully stated for you
to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you
step-by-step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in


each SLM. This will tell you if you need to proceed on completing this module
or if you need to ask your facilitator or your teacher’s assistance for better
understanding of the lesson. At the end of each module, you need to answer
the post-test to self-check your learning. Answer keys are provided for each
activity and test. We trust that you will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are
also provided to our facilitators and parents for strategies and reminders on
how they can best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on
any part of this SLM. Use a separate sheet of paper in answering the exercises
and tests. And read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in


answering the tasks in this module, do not hesitate to consult your teacher
or facilitator.

Thank you.

LU_Applied Economics_Module 3
Target

A market is an interaction between the buyers and sellers of trading or


exchange. It is where the consumer buys, and the seller sells. Demand is the
willingness of a consumer to buy a commodity at a given price. Supply refers to the
quantity of goods that a seller is willing to offer for sale. Equilibrium is the state in
which market supply and demand balance each other, and as a result, prices become
stable. Generally, an over-supply of goods or services causes prices to go down, which
results in higher demand. The balancing effect of supply and demand results in a
state of equilibrium. May 24, 2019

A market system is a powerful tool for the allocation because the changes in price
from market transactions create incentives and disincentives on buyers and sellers
to address disparities between demand and supply. The instrument of allocation is
the market price determined by the interactions of the buyers and the seller in the
market.

This module will help you understand how demand and supply interact in a
market to determine the equilibrium price and the quantity.

After going through this module, you can attain the following objectives:

Learning Competency:

Analyze market demand, market supply, and market equilibrium.


(ABM_AE12-Ie-h-4to5)

Subtasks:
1. State the law of demand and supply, and define market equilibrium
2. Explain the law of demand and supply and illustrate how equilibrium
price and quantity are determined
3. Discuss and explain the factors affecting demand and supply
4. Apply the principles of demand and supply to illustrate how prices of
commodities are determined
5. Analyze how demand and supply forces can affect the value of the
Philippine peso about foreign currencies.

Before going on, check how much you know about this
topic. Answer the pretest on the next page in a
separate sheet of paper.

1
LU_Applied Economics_Module 3
Jumpstart

For you to understand the lesson well, do the following activities.


Have fun and good luck!

PRE-TEST. Multiple Choice


Directions: Choose the letter of the correct answer. Write your answer on a
separate sheet of paper.

_____1. What economic term refers to the amount of some goods or services
that are consumers willing and able to purchase at each price?
A. Demand B. Equilibrium C. Market D. Supply

_____2. What economic term refers to the quantity of goods that the seller is willing
to offer for sale?
A. Demand B. Equilibrium C. Price D. Supply

_____3. Which refers to the quantity of a commodity that producers are willing to
sell at a particular price at a particular point in time?
A. Supply
B. Quantity supplied
C. Supply curve
D. Supply schedule

_____4. Choose the word that makes the statement incorrect in this statement – “In
substitution effects of goods, when the price of mango increases, pineapple
can be a substitute for mango.”
A. Increases
B. Pineapple
C. Substitute
D. Substitution effects

_____5. Headline news today, September 28, 2020, that the price of gasoline per
liter will rise on September 30, 2020. What is the result of this news?
A. Supply of gasoline decreases.
B. Today's supply of gasoline increases.
C. Today's demand for gasoline increases.
D. The price of a liter of gasoline falls today.

2
LU_Applied Economics_Module 3
Discover

Economists use the term demand to refer to the amount of some good or service
consumers are willing to purchase at each price. Demand is based on needs and
wants— a consumer may be able to differentiate between a need and a want, but
from an economist’s perspective, they are the same.

What a buyer pays for a unit of the specific good or service is called price. The
total number of units purchased at that price is called the quantity demanded. A
table that shows the quantity demanded at each price is called a demanding
schedule. A demand curve shows the relationship between price and quantity
demanded on a graph.

Law of Supply and Demand

The law of supply and demand explains the interaction between the sellers of
a product and the buyers. It shows the relationship between the availability of a
particular product and the demand for that product has on its price.

Demand

Demand is the willingness of a consumer to buy a commodity at a given price.


A demand schedule shows the various quantities the consumer is willing to buy at
different prices. A demand function shows how the quantity demanded of a good
depends on its determinants, the most important of which is the price of the good,
thus the equation: Qd = f (P). This signifies that the quantity demanded good is
dependent on the price of that good. Presented in Table 1is a hypothetical monthly
demand for vinegar (in bottles) for one individual, Ana.

The quantity demanded is determined at each price with the following demand
functions: Qd – 6-P/2. At a price of Php10 per bottle, Ana is willing to buy one bottle
of vinegar for a given month. As the price goes down to Php8, the quantity she is
willing to buy goes up to two bottles. At a price of Php 2, she will buy five bottles.
There is a negative relationship between the price of a good, and the quantity
demanded that good. A lower price allows the consumer to buy more, but as price
increases, the amount the consumer can afford to buy tends to go down.

3
LU_Applied Economics_Module 3
Price per bottle Number of bottles
Php 0 6
2 5
4 4
6 3
8 2
10 1

Table 1: Hypothetical Demand Schedule of Ana for Vinegar (in bottles)

The demand curve is a graphical illustration of the demand schedule with the
price measured on the vertical axis (Y), and the quantity demanded measured on the
horizontal axis (X). The value is plotted in the graph and is represented as connected
dots to derive the demand curve (Figure 1). The demand curve slopes downward,
indicating the negative relationship between the two variables: price and quantity
demanded.

12 1, $10
10 2, $ 8
8 3, $6
6 4, $4
4 5, $ 2
2 6 , $0
0
0 2 4 6 8

Quantity Demanded (In Bottles)

Figure 1: Hypothetical Demand Curve of Martha for Vinegar (In Bottles) in One
Month

The downward slope of the curve indicates that as the price of vinegar
increases, the demand for the sound decreases. The negative slope at the demand
curve is due to the income and substitution effect.
The income effect is felt when a change in the price of a good changes
consumers' real income or purchasing power, which is the capacity to buy with a
given income. Purchasing power is the volume of goods and services one can buy
with his/her income.
The substitution effect is felt when a change in the price of a good changes
demands due to alternative consumption of substitute goods. For example, lower
prices encourage consumption away from higher-priced substitutes on top of buying
more with the budget (income effect). The higher price of a product encourages
cheaper substitutes, further discouraging demand for the former already limited by
less purchasing power (income effect).

4
LU_Applied Economics_Module 3
The Law of Demand

Using the assumption of” ceteris paribus,” which means all other related
variables except those that are being studied at the moment and are held constant,
there is an inverse relationship between the price of a good and the quantity
demanded good.

“The higher the price, the lower the


quantity demanded, and vice versa.”

The amount of a good that buyers purchase at


a higher price is fewer because as the price of
goods goes up, the opportunity cost of buying
the good is less. Consumers will avoid buying
the product.

For example, if the price of video game drops, The demand curve is always
the demand for the games may increase as downward sloping due to the law
more as people want the games. of diminishing marginal utility.

Factors Affecting Demand of a Commodity

• Income - The willingness of a consumer to buy a commodity is influenced by


the price of the commodity & his/her taste for the commodity. The capacity
to purchase the commodity is influenced by his/her income of the consumer.
A higher level of income will give him/her higher capacity to consume while
a lower income will give him limited purchasing power.

• Price of other commodities – Prices of other goods and services may


influence the demand for goods and services. The prices on commodities may
affect the demand of a particular good; the influence of related goods is more
palpable. For example, if the other good is a substitute, the increase in the
price of the substitute goods may increase the demand for the commodity at
hand. Thus, when the price of beef increases, the demand for chicken will
increase. If the other goods are a complementary good, a decrease in its price
will impact positively on demand for the goods being investigated. For
instance, when the price of bread decreases, the demand for butter may
increase since butter and bread may be considered as complementary goods.

• Tastes or preferences- The formation of taste is influenced by several factors


like cultural values, peer pressure, or the power of advertising. For example,
on the celebration of New Year’s Eve, it is customary for families to have round
fruits at their fruit plate to attract good luck. This tradition increased the
demand for fruits during this season.

5
LU_Applied Economics_Module 3
• Consumer expectations – The expectation or prospect of what will happen to
the price can influence the demand for the commodity. For example, if you
believe that rice prices will increase tomorrow, there is a tendency for
consumers to increase their consumption today.

• Market – The size and characteristics of the market can also be influencing
the demand for a commodity. An increasing population can contribute to the
expansion of existing markets for various commodities. A lower birth rate,
coupled with an aging population, may alter the composition of demand by
shifting the demand toward the needs of the elderly and away from goods and
services that target the youth.

Supply

Supply refers to the quantity of goods that the seller is willing to offer for sale.
The supply schedule shows the different quantities the seller is willing to offer for
sale. The supply schedule shows the different quantities the seller is willing to sell
to different prices. The supply function shows the dependence of supply on the
various determinants that affect it.

Assuming that the supply function is given as Qs: 100 + 5P and is used to
determine the quantities supplied at the given prices. Supply can be illustrated using
a table or a graph. A supply schedule is a table, like Table 2, that shows the quantity
supplied at a range of different prices. A supply curve is a graphic illustration of the
relationship between price, the vertical axis (Y), and quantity supplied, shown on the
horizontal axis (X). The supply schedule and the supply curve are just two different
ways of showing the same information

Price of Fish (per Kilo) Supply (in kilos)

Php 20 200

40 300

60 400

80 500

100 600

Table 2: Supply Schedule of Jose for Fish in One Week

As shown in Table 2, the relationship between the price of fish and the
quantity that Jose is willing to sell is direct. The higher the price, the higher the
quantity supplied. When plotted into a graph, we obtain the supply curve.

6
LU_Applied Economics_Module 3
120
100 600, P100
80 500, P80
60 400, P60
40 300, P40
20 200, P20
0
0 200 400 600 800
Quantity Supplied (in kilos)

Figure 2: Supply Curve of Fish of Jose for One Week

We derive a supply curve upward sloping or slopes from left to right, indicating
the direct relationship between the price of the good and the quantity supplied of that
good. From Php20 per kilo to Php100 per kilo, the quantity supplied increase from
200 to 600 per kilos. Conversely, as the price falls, the quantity supplied decreases.

The Law of Supply

The law of supply demonstrates the quantities that will be sold at given price.
The higher the price, the higher the quantity supplied and vice versa.

Producers supply more at a higher price because


selling at a higher quantity at a higher price increases
revenue.

For example, during ECQ or until this time because of


pandemic COVID 19, many people involved themselves
in online food delivery; producers produce more
groceries, medical care supplies, sportswear, shoes,
and even garden plants.

Factors Affecting Supply of a Commodity

• Price of production inputs – The production of any commodity will require


two major inputs- intermediate inputs or raw materials and factor inputs.
Intermediate inputs refer to the materials, including raw materials that are
still going to be processed or transformed into higher levels of outputs. The
factor inputs are the processing or transforming inputs. Some examples of
factor inputs are labor, capital, land, and entrepreneurship. These factors
inputs are the ones adding value to the raw materials through the process of
production. When the price of theses production inputs increases, there will
be an increase in the cost of production at every level of production. With the
cost of production increased at a given price level, sellers will reduce the
quantity supplied at alternative prices.

7
LU_Applied Economics_Module 3
• Taxes – Business establishments are required to pay a number of taxes to
various levels of government. It is a monetary expense on the part of the firms,
the payment of taxes can be considered as a part of the cost of production,
although taxes are not factor inputs nor raw materials; they are still
considered as part of operating a business. Thus, an increase in sales tax,
real estate tax, and other business taxes can increase the cost of supplying a
commodity. This may discourage the sellers from increasing their supply of a
commodity in the market.

• Technology – Some firms may use labor-intensive technology if the cost of


labor is relatively cheap. On the other hand, firms may use capital-intensive
technology if wages are very high. Improvements in the technology used by
some firms can lower their production costs and make their firm more
competitive. A lower cost may encourage these firms to supply more of the
commodity since they can sell it at a reduced price.

• Expectation – The expectation or anticipation of what will happen on the price


of the commodity can also influence the amount supplied in the market. If
there is an expectation that rice prices will increase next season, this may
encourage farmers to plant more rice next season. The expectation of a higher
price next season can discourage the rice dealers from selling the rice
currently. Some of them will hoard so they can sell in the future with higher
returns.

How Do Supply and Demand Create an Equilibrium Price?

Equilibrium price, or market-clearing price,


is the price at which the producer can sell all the
units he wants to produce, and the buyer can
buy all the units he wants.

Supply and demand are balanced or in


equilibrium. The demand curve is downward
sloping. This is due to the law of diminishing
marginal utility.

The supply curve is a vertical line; over time, the supply curve slopes upward;
the more supplier expects to be able to charge, the more they will be willing to produce
and bring to market.

In the equilibrium point, the two slopes will intersect. The market price is
sufficient to induce suppliers to bring to market that same quantity of goods that
consumers will be willing to pay for at that price.

8
LU_Applied Economics_Module 3
MARKET EQUILIBRIUM

When the supply and demand curves intersect, the market is in equilibrium.
This is where the quantity demanded, and the quantity supplied are equal. The
corresponding price is the equilibrium price or market-clearing price; the quantity is
the equilibrium quantity.

The intersection of supply and demand determines the equilibrium price


and quantity. The equilibrium occurs where the quantity demanded is equal to the
quantity supplied. If the price is below the equilibrium level, then the quantity
demanded will exceed the quantity supplied. Excess demand or a shortage will exist.
If the price is above the equilibrium level, then the quantity supplied will exceed the
quantity demanded. Excess supply or a surplus will exist. In either case, economic
pressures will push the price toward the equilibrium level. A change in supply,
demand, or both, will necessarily change the equilibrium price, quantity, or both.
It is highly unlikely that the change in supply and demand perfectly offset one
another so that equilibrium remains the same.

Putting the supply and demand curves


from the previous sections together.
These two curves will intersect at Price =
Php6, and Quantity = 20.

In this market, the equilibrium price is


Php6 per unit, and the equilibrium
quantity is 20 units.

At this price level, the market is in


equilibrium. Quantity supplied is equal
to quantity demanded ( Qs = Qd).

The market is exact.

9
LU_Applied Economics_Module 3
Explore

Here are some enrichment activities for you to work on to master


and strengthen the basic concept you have learned from the lesson.

Enrichment Activity 1: Identify and Classify: Factors affecting the demand


and supply.

Directions: Read and analyze the sentence. Identify what factor affecting the
demand and supply is being asked in the sentence. After identifying the factor,
classify if it is a factor that affects demand or supply by writing the word
Demand or Supply on the second space. Write your answer in a separate sheet
of paper. (2 points each number)

________________, ____________ 1. Customers may no longer want a product,


reducing demand.
________________, ____________ 2. Customers may no longer want a product,
reducing demand.
________________, ____________ 3. This implies that climate conditions
directly affect the supply of certain
products.
________________, ____________ 4. This implies that the supply of a product
would decrease with the increase in
production and vice versa.
________________, ____________ 5. It can increase the cost of supplying a
commodity, which may discourage the
sellers from increasing their supply of the
commodity in the market.

10
LU_Applied Economics_Module 3
Deepen

At this point, you are now ready to apply your knowledge of what you
had learned about demand and supply in real-life situations.
Direction: Analyze the three (3) problems. The following data were taken from
an invoice of Company X. The company imports gasoline from other countries.
Use graphing paper for your answers.
A.) a.1 Plot or graph the data. Interpret the results.

Price ($ Quantity Demanded


per gallon) (millions of gallons)
1.00 800
1.20 700
1.40 600
1.60 550
1.80 500
2.00 460
2.20 420

Table 3: Price and Quantity Demanded of Gasoline

Price

Quantity Demanded Gasoline

Figure 3: Price and Quantity Demanded of Gasoline

11
LU_Applied Economics_Module 3
a.2 Analyze the data and describe the curve.
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

B.) b.1 Plot or graph the data. Interpret the results

Price ($ Quantity Demanded


per gallon) (millions of gallons)
1.00 500

1.20 550

1.40 600

1.60 640

1.80 680

2.00 700

2.20 720

Table 4: Price and Supply of Gasoline

Price

Quantity Supplied

Figure 4: Price and Supply of Gasoline

b.2 Analyze the data and describe the curve.


__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
.

12
LU_Applied Economics_Module 3
C.) c.1 Using the data from demand and supply (refer to A & B), determine the
equilibrium point of the demand and supply curves.

Price

Figure 5: The Equilibrium Price

c.2. How much is the equilibrium price? Interpret your answer on the demand and
supply for gasoline base on the chart you plotted.
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
_________________________________________________________________________________.

GRAPHING RUBRIC

Scale Labels Origin Axis


10 All intervals The graph has a The graph The dependent
Exceeds count by the clear title, and starts at 0,0. variable is on
Standard! same number of clear labels for the y-axis; the
(WOW!) units, and a both axes, and independent is
reasonable the unit the on the x-axis.
interval was
variable is
used.
measured in is
Numbers
clearly stated.
correspond with
graph lines.
7 All intervals The graph has a The graph The dependent
Meets count by the title and labels starts at 0,0. variable is on
Standard. same number of for both axes, the y-axis; the
(YES!) units. and the unit the independent is
Numbers variable is on the x-axis.
correspond with measured in is
graph lines. included.

13
LU_Applied Economics_Module 3
5 Intervals may The graph has a The graph may Variables may
Approaching not count by title or labels for or may not start not be on the
Standard… the same both axes, or the at 0,0. correct axes.
(almost) number of unit the variable
units. It may be is measured in.
unclear what
the numbers
correspond
with (space or
line).
3 Intervals may The graph does The graph may Variables may
Below not count by not have a title or may not start not be on the
Standard the same or labels for the at 0,0. correct axes.
(oops) number of axes.
units.
Unclear what
the numbers
correspond
with.

Good Job! You're almost done.

14
LU_Applied Economics_Module 3
POST-TEST. Multiple Choice
Directions: Read each item carefully. Write only the letter of the best answer
for each test item. Use a separate sheet for your answers.
_____1. What microeconomic law states that all other factors being equal, as the
price of a good or service increases, consumer demand for the goods or
services will decrease and vice versa?
A. Ceteris paribus B. Law of Demand
C. Law of Supply D. Law of Supply and Demand

_____2. Which law states that all other factors being equal, as the price of a good or
service increases, the quantity of goods or services that suppliers offer will
increase?
A. Ceteris paribus B. Law of Demand
C. Law of Supply D. Law of Supply and Demand

_____3. What economic term refers to the willingness of the consumer to buy a
commodity at a given price?
A. Demand B. Equilibrium
C. Price D. Supply

_____4. What economic term refers to the quantity of goods that the seller is willing
to offer for sale?
A. Demand B. Equilibrium
C. Price D. Supply

____ 5. Choose the economic term that refers to the quantity of a commodity that
producers are willing to sell at a particular price at a particular point in
time?
A. Quantity supplied B. Supply
C. Supply Schedule D. Supply curve

_____6. Classify the following factors affecting the demand of a commodity. Which
does NOT belong to the group?
A. Income B. Market
C. Price of Production Inputs D. Taste

_____7. Classify the following factors affecting the supply of a commodity. Which
does NOT belong to the group?
A. Market B. Price of Production Inputs
C. Taxes D. Technology

15
LU_Applied Economics_Module 3
_____8. Applying the law of demand, other things remaining the same,
A. As the demand for cheeseburgers increases, the price of a
cheeseburger will fall.
B. As income increases, the quantity of cheeseburgers demanded will
increase.
C. As the price of a cheeseburger rises, the quantity of cheeseburgers
demanded will decrease.
D. As the price of a cheeseburger rises, the quantity of cheeseburgers
demanded will increase.

_____9. Being a grade 12, what commodities are in demand to you and other
learners during this school year?
I. Branded school bag III. Smartphone
II. Laptop IV. WIFI
A. I & II B. II & III
C. II & IV D. III & IV

_____ 10. Analyze the given choices. What does it mean when economists speak of
references as influencing demand?
A. An individual's attitudes toward goods and services.
B. Directly observable changes in prices and income.
C. The availability of a good to all income classes.
D. The excess of wants over the available supplies.

Job well done!


Congratulations!

16
LU_Applied Economics_Module 3
LU_Applied Economics_Module 3
17
a.2) A Demand Curve for Gasoline. The demand schedule shows that as the price rises,
quantity demanded decreases, and vice versa. The downward slope of the demand curve
illustrates the law of demand- the inverse relationship between the prices and the quantity
demanded.
DEEPEN
A.)a.1.
GAUGE: JUMPSTART:
1. B Pretest:
2. C 1. A 2. D 3. B 4. B 5. B
3. A
4. D EXPLORE:
5. A
6. C Enrichment Activity1:
7. A
1. Taste & Preference, Demand
8. C
9. C 2. Consumer Expectation, Demand
10. D
3. Natural Conditions, Supply
4. Price of production inputs, Supply
5. Tax, Supply
Answer Key
LU_Applied Economics_Module 3
18
C.)c.1
c.2) The equilibrium price is $1.40 per gallon of gasoline and the equilibrium quantity is 600
million gallons. If you had only the demand and supply schedules and not the graph, you could
find the equilibrium by looking for the price level on the tables where the quantity demanded
and the quantity supplied are equal.
B.)b.1
b.2) A Supply Curve for Gasoline. The supply schedule shows the quantity supplied of gasoline
at each price. As prices rises, quantity supplied also rises, and vice versa. The upward slope of
the supply curve illustrates the law of supply – that a higher price leads to a higher quantity
supplied, and vice versa.
References
BOOKS

• Rosemary P. Dinio; George A. Villasis (2017). Applied Economics Applied


Economics, Manila, REX Book Store,

• Applied Economic for A Progressive Philippines, Quezon City, Phoenix


Publishing House Inc., 2016

• Learner’s Module K-12 Grade 12 Applied Economics (First Quarter Applied


Economics)

LINKS

• https://opentextbc.ca/principlesofeconomics/chapter/3-1-demand-
supplyand-equilibrium-in-markets-for-goods-and-services/

• https://economictimes.indiatimes.com/definition/law-of-demand

• https://economictimes.indiatimes.com/definition/quantity-demanded

• https://economictimes.indiatimes.com/definition/quantitysupplied#:~:text=De
finition%3A%20Quantity%20supplied%20is%20the,a%20
particular%20point%20of%20time.

• https://www.investopedia.com/terms/l/law-of-supply-demand.asp

• https://www.thoughtco.com/calculating-economic-equilibrium-1147698

• https://www.ducksters.com/money/supply_and_demand.php

• https://www.sagepub.com/sites/default/files/upmbinaries/97660_Chapter_
4_Demand%2C_Supply%2C_and_Market_Equilibri um.pdf

• https://www.rappler.com/newsbreak/in-depth/what-philippine-
economycould-be-like-after-coronavirus

• https://koax.com/docs/supply-and-demand-worksheet-answers-16a7df
.

19
LU_Applied Economics_Module 3
For inquiries or feedback, please write or call:

Department of Education – SDO La Union


Curriculum Implementation Division
Learning Resource Management Section
Flores St. Catbangen, San Fernando City La Union 2500
Telephone: (072) 607 - 8127
Telefax: (072) 205 - 0046
Email Address:
launion@deped.gov.ph
lrm.launion@deped.gov.ph

20
LU_Applied Economics_Module 3

You might also like