Agenda 3/15/12

1. Bell Task: Diagram the Demand Curve for iPhone if (list the affected Determinant):
a. The price of the Droid phones decreases.
b. Consumers complain about the customer service for iPhones.
c. The price of the iPhone decreases.
d. The economy is predicted to worsen in the near future.
2. Discussion Chapter 3: Supply, Shortages, Surpluses
3. HW: Finish Chapter 3

Agenda 3/13/12

1. Bell Task: Comment on the following: Changing the price of a product does NOT change Demand. (Which of the 5 determinants applies)

How is the Demand for Toyota Prius Hybrid affected by:
a. A 20% reduction in price of Honda Hybrid
b. A 20% reduction in price of Toyota Prius
c. A new, less appealing design
d. Rumors of imminent war in oil producing Iran.
e. A growing, environmentally conscious new generation.
f. Price of gasoline dramatically falls.

2. Discussion: Law of Demand and Supply, Shortages and Surpluses
3. HW: Finish Chapter 3 Reading and Objectives

Agenda 3/9/12

1. Exam Chapter 9
2. HW: Chapter 3 A-C