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Review Guide for Chapter 4 Test on Demand
As the above "Lemonade Economics" clip notes, it is important to understand the difference between a change in demand and the change in quantity demanded. You should be able to draw and identify graphs for both cases as well as for elastic, inelastic, and unit elastic demand. What types of goods are elastic and which are inelastic? How does a change in price influence the quantity demanded for each? Google the graphs using "Google Images" to check your work. Think about what creates a shift up and down the demand curve as well as what makes the entire curve shift to the left or to the right.
The test will consist of matching (vocabulary), drawing and identifying (graphs like those discussed in the worksheets, books, slide), a math and graph question based on elasticity and total expenditures (from Section 3, see question #29), as well as open-ended short answer questions taken straight from the Chapter 4 Problem Set Review.
The following presentations, also available in the class folder, are meant to help you study:
Jeopardy Review for Chapter 4
Chapter 4 Demand Review (Answers to Worksheet Review with Graphs)
Chapter 4 Demand Over with Graphs, Cartoons, Examples and Key Explanations