This document contains an economics worksheet that covers concepts related to demand and supply. It includes instructions to identify concepts from descriptions, solve problems involving demand schedules and curves, and analyze how changes in various factors affect demand, quantity demanded, supply, and quantity supplied. Students are asked to determine if changes result from movements along existing curves or shifts of the curves, and identify the specific factors causing the shifts, such as price, income, tastes, or costs of production.

1. DEMAND & SUPPLY SEATWORK
Read carefully and answerin 1 whole sheet ofpaper. You may help each other but make sureto learn how to answereach
question yourself.
I. Instructions:Identify what conceptis describedin each number.
1. Combination ofquantity and price ofgoods presented in tabular form
demand scheduleor supply schedule
2. Graphical representation ofthe direct relationship between priceand quantity
supply curve
3. Holding all other factors constant
ceteris paribus
4. How helpful a good or service is to us in a given situation
use value
5. Jen has just received a raise at her job. As a result, she has stopped purchasing discounted clothing and has begun to
shop at designer clothing stores. The discounted clothing that Jen has stopped purchasing is an exampleofwhat kind
of good?
inferior good
6. Refers to how well a good or service satisfies our needs or wants
utility
7. States that a price increaseofa good reduces the purchasing powerofmoney
income effect
8. States that as the price ofa good increases, consumers will tend to look for an alternative
substitution effect
9. States that the more we acquiresomething, the less useful or satisfying it becomes
law ofdiminishing marginal utility
10. States that when price decreases, QD rises, and when price increases, QD falls
law ofdemand
11. The quantity ofa good that sellers are willing and able to provide at a specific price
quantity supplied
12. The willingness and ability to pay for a good or service
demand
II. Solve for what is asked. Show your solution.
Nathalie’s Healthy Snacks usually sells 400 bottles ofgrape juice per week when the price is P5 per bottle. After
experimenting with prices, Nathalie found that demand can be calculated using the equation D=600 -40P, where Dis the
no. of bottles and P is the price per bottle.
1. Will Nathalie sell more or less grape juice ifshe raises the pricehigher than P5?
less
2. What happens to her sales every time she raises her price by P1?
will decrease by 40 units
3. What is the maximum priceshe can charge and still sell at least one bottle?
Php14.975
III. Write T if true and F if false.
1. To maximize our utility,we must buy a combination ofdifferent goods and services.
T
2. When the price ofa good increases, the nominal value ofa consumer’s incomedecreases.
F
IV. Instructions: For each number, determine if QD or D. Next, choose which factor in the box is causing the change
by writing the corresponding letter. Lastly, determine ifthe change is a movement along the curve, a shift to the left,
or a shift to the right by writing M, L,or R, respectively. (3 pts per number).
a. Price ofthe good itself
b. No. of buyers
d. Income
e. Price ofrelated goods

2. c. Preferenceor Taste f. Expectations ofbuyers
1. Café Filomena advertised that food items shall be 50%off at 7 pm. What is the impact on demand for food items at
6:30pm?D,F, L
2. Due to the popularity ofthe pineapple pen video, pineapple sales skyrocketed. D,C,R
3. Movie tickets sold out when Rob’s MovieWorld cutback prices by 20 pesos. QD,A,M
4. The minimum wage (lowest salary) in Negros Oriental was raised by the Department o fLaborand Employmentto
400 pesos per day. D,D,R
5. The number ofresidents in Dumaguete increasedas more people movedaway from Manila due to hellish traffic. This
was favorable to the grocery store owners in the city. ,B,R
6. When the cost ofchicken barbecuewent down, the sales ofatchara (papaya salad) increased.
a. Determine what is asked for atchara. D,E(complement),R
b. Determine what is asked for chicken barbecue.QD,A,M
7. When the cost ofelectricity provided by NORECO II went up, a local solar panel installation serviceprovider recorded
higher servicerequests.
a. Determine for NORECO II services. QD,A,M
b. Determine for solar panel installation services. D,E(substitute),R
V. For each number, determineif QS or S. Next, choosewhich factor in the box is causing the change by writing the
corresponding letter. Lastly, determine ifthe change is a movement along the curve, a shift to the left, or to the right
by writing M,L, or R, respectively. (3 pts per number).
a. Price ofthe good itself
b. No. of sellers
c. Technology
d. Tax or subsidy
e. Cost of resources (factors ofproduction)
f. Expectations ofsellers
8. An affordable mechanized method ofplanting palay was developedby the DOST. S, C,R
9. Electricity costs have gonedown so moreinternet cafes are willing to open for 24 hours. S,E,R
10. In order to raise the government budgetfor ambitious projects, it raised business taxes by 5%. S,D (tax),L
11. The cost ofa spa massage has remained steady for two years but more spas keep opening.S,B,R
12. The minute the calendarhit the –ber months, Christmas decors became available for sale. S,F,R
13. The price ofoil per barrel in the world market increased so oil refineries started ramping up production. Even closed
down plants started operating again. QS,A,M
14. The supply ofbread in Dumaguete declined, following a steady increase in the priceofflour. S,E,L
15. To encourage production ofgarlic in Negros,the Department ofAgriculture gave out freeorganic fertilizers to garlic
farmers. S,D (subsidy),R