After studying this chapter,students should be able to 1.Identify what supply and demand are respectively 2.Understand the theory of supply and demand. 3.Explain how supply and demand interact with one another. 4.Explain how supply and demand how supply and demand determine prices in amarket economy and how prices.in tum,allocate the economy's scarce rces 1.Markets and Competition 2.Demand 3.Supply Ⅲ.Afie and Demand Togcther exercis 1.What is a market?What are the characteristics of a competitive market? 2.Make up an example of a supply schedule for pizza and graph the implied supply curve. 3 Give ean example of something hat would shift this supply curve. uld a ch ice of pizza shift this supply curve? PPT,instruction,group discussion,case analysis etc CHAPTER 5 ELASTICITY ADN ITS APPLICATIN I.Teaching Objectives: After studying this chapter,students should be able to 1.Identify the concept of elasticity. 2.Develop the tool of elasticity toanalyze supply and demand with greater precisio 3.Explain how some event or policy affectsa market,we can discuss not only the direction of the effects but their magnitude as well. Ⅱ.Contents:: 1 The elasticity of demand 2 The elastici ofSuppl 3.Three Applications of Supply,Demand .After-class exercises: 1.Define the price elasticity of demand. 2.Explain the relationship between total revenue and the price elasticity of de nand. Teaching methods and aids PPT,instruction,group discussion,case analysis etc. CHAPTER6 SUPPLY,DEMAND,AND GOVERMENT POLICIES5 After studying this chapter, students should be able to : 1. Identify what supply and demand are respectively 2. Understand the theory of supply and demand. 3. Explain how supply and demand interact with one another. 4. Explain how supply and demand how supply and demand determine prices in a market economy and how prices, in turn, allocate the economy's scarce resources. Ⅱ. Contents: 1. Markets and Competition 2. Demand 3. Supply 4. Supply and Demand Together Ⅲ.After-class exercises: 1. What is a market? What are the characteristics of a competitive market? 2. Make up an example of a supply schedule for pizza and graph the implied supply curve. 3. Give an example of something hat would shift this supply curve. 4. Would a change in the price of pizza shift this supply curve? Ⅳ. Teaching methods and aids: PPT, instruction, group discussion, case analysis etc. CHAPTER 5 ELASTICITY ADN ITS APPLICATIN Ⅰ. Teaching Objectives: After studying this chapter, students should be able to : 1. Identify the concept of elasticity. 2. Develop the tool of elasticity to analyze supply and demand with greater precision. 3. Explain how some event or policy affects a market, we can discuss not only the direction of the effects but their magnitude as well. Ⅱ. Contents: 1. The elasticity of Demand 2. The elasticity of Supply 3. Three Applications of Supply, Demand Ⅲ.After-class exercises: 1. Define the price elasticity of demand. 2. Explain the relationship between total revenue and the price elasticity of demand. Ⅳ. Teaching methods and aids: PPT, instruction, group discussion, case analysis etc. CHAPTER 6 SUPPLY, DEMAND, AND GOVERMENT POLICIES