DEMAND AND SUPPLY – Assignments
Assignments for Macroeconomics Chapter 3
Assignment #1: Define demand. State the law of demand. Draw a demand curve and give reasons for the validity of your graph.
Assignment #2: Define supply. State the law of supply. Draw a supply curve and give reasons for the validity of your graph.
Assignment #3: Draw demand and supply in a graph, and prove that their intersection is a stable equilibrium point. In the process define surplus and shortage.
Assignment #4: Distinguish between changes in quantity demanded and changes in demand. List and explain nonprice determinants of demand.