Demand Worksheet - AP Economics Answer the following questions regarding the concept of economic demand in the space provided: 1. 2. 3. 4. 5. If more of a product is purchased because of a change in the price of a product, a change in _________________ has occurred. If more or less of a product is purchased because of a non-price factor, a change in _____________ has occurred. Other things constant, which of the following would cause a change in the quantity demanded for Woozles: a. A change in people’s desire for Woozles. b. A change in the price of Fizzies, a substitute product for Woozles. c. An increase in the price of Woozles. d. A change in the price of Greebes, a product used in conjunction with Woozles. Other things constant, a change in the demand for Widgets would be caused by a. A decrease in people’s incomes. b. The rising popularity of Widgets in America as a breakfast cereal sugar substitute. c. An increase in the price of Twittles, a complementary product to Widgets. d. All of the above. As the price of a Honda Prius (50 mpg) has increased, consumers have found the cheaper Ford Fabulous (35 mpg) to be a better bargain. Which of the following statements best describes this situation? a. A shift in the demand curves for both automobiles. b. A movement along the demand curves for both automobiles. c. A movement along the demand curve for the Prius, and a shift in the demand curve for the Fabulous. d. A shift in the demand curve for the Prius and movement along the demand curve for the Fabulous. Gourmet Spam Demand Worksheet/AP Economics A. Read the seven newspaper headlines below and determine if that event causes a change in the demand for Gourmet Spam in March. Demand Shift? (Yes/No) If Demand Shifts, (Increase/Decrease) Curve Shifts (Left or Right) 1. The price of Spam to increase in April. 2. The incomes of Americans declines. 3. Gourmet Spam becomes a favorite food item for Oprah. 4. America’s population grows by 3%. 5. The price of buns increases. 6. The Surgeon General reports that eating Spam reduces triglycerides 7. The price of canned Gourmet Chopped Beef decreases. B. Categorize each change in demand in question 6 above according to the reason why demand changed? Headline Number Reason 1 2 3 4 5 6 7 A change in future expectations. A change in Tastes & Preferences. A change in the price of a related good A change in the number of consumers in a market A change in the price of a substitute good. A change in income.