BECO011 Economics for Business
Tutorial Week 1: Law of Demand and Supply and Market Equilibrium
BECO011 Week 1 Worksheet
Tutorial A
Activity 2 - 1 Quantity Demanded and 3 Demand
Students will be divided into 5 groups (face to face class). Each group will consist of 3-4 students.
Every group is assigned to one of the following items:
§ Sony Playstation 5 - Group 1
§ Doyle’s Fish and Chips - Group 2
§ Dyson Vacuum Cleaner - Group 3
§ Fitness First Yoga Classes - Group 4
§ All Sydney Tow Truck Services - Group 5
Task 1 (15 minutes)
It was noticed that each of the above items had experienced an increase in sales. For each item above, identify the possible reasons for the increase in the quantity demanded/ demand. Each group should create a table below with the columns.
Each group is given 15 minutes to discuss. Identify the factor(s) and complete your answers in the table below.
§ Sony Playstation 5 - Group 1
§ Doyle’s Fish and Chips - Group 2
§ Dyson Vacuum Cleaner - Group 3
§ Fitness First Yoga Classes - Group 4
§ All Sydney Tow Truck Services - Group 5
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No
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Increase in quantity demanded of *the assigned item* is caused by a change in ___________
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Increase in demand of * the assigned item* is caused by a change in ___________
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Only one (1) factor needed
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Use your creativity to think about the three (3) possible factors.
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1
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2
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3
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4
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5
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Task 2 (15-minute sharing session)
Upon returning to main session from your Breakout Rooms.
Choose a representative from your group. Share your answers with other students by doing a 2-minute presentation to the whole class.
For example, you could start off by explaining -
Based on our discussion, we found that
The increase in quantity demanded in Sony Playstation 5 is due to *your answer*, on the other hand, the increase in the demand for Sony Playstation could be due to three factors -
(1) rise in the income of the consumers (assume Sony Playstation 5 is a normal good). As average income of rises, more people will demand for Sony Playstation 5.
(2)
(3)
(4)
(5)
Please also provide a simple explanation to go with the factors chosen.
Activity 3 Changes in Quantity Supplied and Supply
Task 1 (10 minutes)
Using the groups formed in Activity 1. Discuss and answer the questions amongst the group members. You have 10 minutes.
GrainCorp is one of the leading barley farming and processing companies in Australia, GrainCorp operates across multiple Australian states, including New South Wales and Queensland, and is a significant exporter of barley to international markets, particularly in Asia.
(i) Besides the price of barley itself, identify and briefly explain three (3) other factors that may have influenced or determined the supply of barley.
(ii) Given the other factors, will the supply of barley curve shift or will it be a movement along the supply curve? Why?
Task 2 (10-minute sharing session)
Choose a representative from your group. Share your answers with other students by doing a 2-minute presentation to the whole class.