1. 1. If you could attend any college in the
US where would it be?
2. Why did you pick that college?
3. What 2 things would happen if the
state of AZ lowered the price of college
classes to $50 per class?

2. In your notes
Find the equilibrium price of 1 roll of toilet
paper
Price Quantity
Supplied
Quantity
DemandedPrice
$0.50
$ 1.00
$ 1.75
$ 2.25
$ 3.00
100
300
700
900
1500
$ 0.25
$ 0.50
$ 1.00
$ 2.25
$ 3.00
1500
900
600
400
300
0
0.25
0.5
0.75
1
1.25
1.5
1.75
2
2.25
2.5
2.75
3
0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500
2. Why might a
politician argue this
isn’t a fair price for
large families?

3. Toilet paper
0
0.25
0.5
0.75
1
1.25
1.5
1.75
2
2.25
2.5
2.75
3
0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500
D
S
P
Q

4. At your tables
Say the government, to help large families, made it
illegal for the price to be higher than $0.50 per roll.
1. What would happen to the amount of toilet paper people
would want to buy?
2. What would happen to the amount of toilet paper producers
would want to sell?
3. What would happen to the number of sheets per roll?
4. What would happen to the texture of the toilet paper?
5. What other markets might be effected? (paper products?)
6. Who would get first chance at buying the toilet paper?
7. What would happen to the level of corruption in the country?

5. Toilet paper
0
0.25
0.5
0.75
1
1.25
1.5
1.75
2
2.25
2.5
2.75
3
0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400 1500
D
S
P
Q

6. Surely no country would try
this….

9. http://www.huffingtonpost.com/tag/venezuela-toilet-paper-shortage

10. Price Ceiling
Designed to help
consumers
Illegal to charge
higher than the price
Example: Venezuela
TP
Problems?
Quality
Shortages

11. Price Ceiling
Designed to help
consumers
Illegal to charge higher
than the price
Example: Rent
Controls
Problems?
Quality
Shortages
Stossel Clip

12.  Choose a market that interests you
 Identify 3 major corporations involved in the market (-5 if
missing)
 Explain whether the demand is elastic or inelastic (-10 if missing, -
5 if not explained correctly)
 Evaluate the effect of a government price ceiling on your market
(-5 if missing)
 Find two articles that affect that market’s supply or demand
curves (-10 for no citation)
 Cite your sources, use the Economist or your phone, MLA format
 Draw a graph for each article and short explanation of change ,
explain what happens to EqP, identify the determinant that
changes (PEST = Supply,TRIBE = Demand) (-2 for each mistake)
 Show the change to secondary market, could be a complement,
substitute, or factor of production (-10 if missing)
 Must be color and include a few pictures (-10 if missing)
 Make either a color poster or pamphlet, or website

15.  Copper wire