NAME:
Equilibrium Worksheet
Draw a well labeled model and complete the analysis
First circle whether it a supply or demand question. Remember, Demand is about WANTING the product, Supply is
about MAKING the product. Then circle whether this change will increase or decrease supply/demand. And tell which
determinant (TIMER or TINGE). Then graph the change on an equilibrium graph. Once you have graphed the change,
tell if price ↑ or ↓ and if quantity ↑ or ↓
No.
Prompt
Graph
Analysis
Lebron James accredits his
1. Supply or demand?
GOAT status to eating Rice
Increase or decrease?
Krispies cereal every morning.
Determinant?
Show
the
effects
on
Rice
1
Krispies cereal.
2. Equilibrium after:
PriceQuantity-
2
3
4
5
6
There has been a drought in
Arkansas, affecting many of
the rice farms there. Show
the effects on Rice Krispies
cereal.
The government increases
taxes on all cereal
manufacturers. Show the
effects on Rice Krispies
cereal.
Rice Krispies cereal is now
found in many parts of
Europe. Germans can’t get
enough of them. Show the
effects on Rice Krispies
cereal.
A new technology allows
Kellogg’s to crisp rice faster.
Show the effects on Rice
Krispies cereal.
General Mills also decides to
produce a crispy rice cereal.
Show the effects on rice
cereal.
1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity-
7
8
9
Marshmallows are on sale, and
people now want to make rice
crispy treats. Show the effects
on Rice Krispies cereal.
Kroger is going to have a sale
on all cereal next week. Show
the effects on Rice Krispies
cereal now.
All American households
receive a $5000 stimulus
package from the government.
Show the effects on Rice
Krispies cereal.
President Trump gives a
subsidy to Kellogg’s. Show the
effects on Rice Krispies cereal.
1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
10
11
12
13
14
The workers at the cereal
factory demand a $2/hour
raise. Show the effects on Rice
Krispies cereal.
Cinnamon Toast Crunch,
another popular cereal, goes
on sale. Show the effects on
Rice Krispies cereal.
The government decides that
Rice Krispies are part of a
healthy afternoon snack and
put a price ceiling on it in order
to make it available for
everyone. Show the effects on
Rice Krispies.
Kellogg’s raises the prices of all
of their cereals, including Rice
Krispies. Show the effects on
Rice Krispies.
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Increase or decrease?
Determinant?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Price change?
Increase or decrease?
2. Equilibrium after:
PriceQuantity1. Supply or demand?
Price change?
Increase or decrease?
2. Equilibrium after:
PriceQuantity-