This worksheet is designed to help guide students in the process of examining how a change in supply or demand will ultimately affect the equilibrium price and quantity of a good or service. Students are given four shift factors and asked to identify whether each would affect supply or demand and in which direction it would shift the curve. They are then to create a supply and demand diagram and illustrate the change in order to see how the change would affect equilibrium price and quantity.
The back side of this worksheet requires students to illustrate the effect of a simultaneous shift in supply and demand and its effect on equilibrium. This worksheet works exceptionally well as either a homework assignment or an in-class collaborative activity.
After completing this worksheet students will be able to:
Identify whether an event will shift supply or demand
Identify the direction that supply or demand will shift
Illustrate an initial equilibrium price and quantity for a good with a supply and demand graph
Illustrate a shift in either supply or demand
Illustrate and identify a change in equilibrium price and quantity
Illustrate a simultaneous shift in supply and demand
Identify the effect of a simultaneous shift on both equilibrium price and quantity