Concept : Demand and Supply
Objective : Drawing and Interpreting the Demand Curve
Grade : 10
Time : 80 minutes
Materials : rulers, pencils graph paper, T-shirt organisers
Activities
· Explain to students that they will design a T-shirt and collect data on how much other students would be willing to pay for the shirt.
· Divide students into groups. Explain that they have four to six minutes to create a design for a T-shirt. They should draw a quick sketch of their design on the T- shirt organiser.
· Once shirts have been designed, allow students five minutes to survey their classmates regarding how much they would be willing to pay for various designs. On the T-shirt organiser, students should make tick marks by each price indicating the number of students who would pay that price. For instance, if a student says that she would pay up to $12 for the shirt, a tick mark should be made on the line next to $12. If a student says that he would not buy the shirt at all, a tick mark should be made next to $0.
· Students should then plot the data on a graph of Cost in Dollars versus Number Sold. Teacher should make it clear to students that if a classmate states that they would buy the shirt for a particular price, it can be assumed that they would also buy the shirt for any price less than that. For instance, if a student says he would pay $12 for the shirt, it can be assumed that he would buy the shirt for $1, $3, $8, or any price up to $12. This should be reflected in the graph. As a result, the graph will represent a negative correlation.
· When students have plotted the data, they should estimate a line of best fit; that is, they should draw a line that roughly approximates the data.
· Teacher will ask students the following questions based on their graphs
1. How many shirts would you sell if you gave them away for free or sell them at $0?
2. At what price will you sell no shirts?
3. What happens to quantity demanded as price increases?
4. What happens to quantity demanded as price decreases?
· Teacher will inform students that this relationship between quantity demanded and price exemplifies the Law of Demand.
· Teacher will inform students that this relationship between quantity demanded and price exemplifies the Law of Demand.
(The law of demand states that as price increases consumers will demand less of the commodity and as price decreases, consumers will demand more of the commodity.)
· Teacher will ask students:
"What effect do you think the law of demand has on your life?"
(Encourage students to come up with ideas about how prices affect their demand of items, such as cellular phones, shoes and clothes. Call on 3 to 5 students to share some of their thoughts with the class).
Design a T-shirt that you might sell to your classmates. Draw a sketch of your T-shirt.
For each price listed below, record the number of your classmates who would be willing to pay that amount for your T-shirt.
$0 _________________
1 _________________
2 _________________
3 _________________
4 _________________
5 _________________
6 _________________
7 _________________
8 _________________
9 _________________
10 _________________
12 _________________
14 _________________
16 _________________
18 _________________
20 _________________
25 _________________
|
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