1. Bellringer (Half sheet)
Today’s objective: identify direct and indirect effects of price ceilings.
1. What do you get when supply and demand
meet?
2. Tell me about a price of a product that’s unfair?
3. When would it be okay for the government to
set a price on a certain good or service?
04/15/1
4

2. Quick Review

3. Price Ceiling – In your
notes
Price Ceiling – a legal maximum price (limit)
that may be charged for a certain good or
service.

4. Price floor – In your
notes
Price floor– a legal minimum price - goods or
services may not be sold below this price.

5. http://www.econedlink.org/interactives/index.php?iid=2
17&type=student

7. • Choose a market that interests you
• Identify 3 major corporations involved in the market (-5 if missing)
• Explain whether the demand is elastic or inelastic (-10 if missing, -5 if not
explained correctly)
• Evaluate the effect of a government price ceiling on your market (-5 if
missing)
• Find two articles that affect that market’s supply or demand curves (-10 for
no citation)
• Cite your sources, use the Economist or your phone, MLA format (-5 for
each missing)
• Draw a graph for each article and short explanation of change; explain what
happens to EqP, identify the determinant that changes (PEST=SUPPY, TRIBE
= DEMAND) (-2 for each mistake)
• Show the change to secondary market, could be a complement, substitute,
or factor of production (-10 if missing)
• Project must be in color and include a few pictures (-10 if missing)
• Make either a color poster or pamphlet, or website.

8. • Quick Trip
• 3 Major Corporations
–Circle K
–Shell
–Chevron
• Inelastic Demand
– Consumers need gasoline
almost every day to fill up
their cars and drive to
work. They are willing to
purchase it even if the
price increases by 50 cents.
• Govt. Price Ceilings
– Placing a government price
maximum on gasoline
might cause a shortage
over time.

9. Quick Trips enter Tucson gasoline
market in 2010 causing an increase in
Supply of gasoline across the city.
PEST = # of sellers increase; eqP
decreases.
The rise of popularity for electric cars
decrease the demand for gasoline.
TRIBE= Tastes change; eqP of gasoline
decreases.

10. • Safeway Gas
• 3 Major Corporations
–Quick Trip
–Texaco
–Valero
• Inelastic Demand
– Increasing prices of oil
will cause the demand
for gasoline to decrease.
Citizens may start to use
alternative means for
transportation like
walking or riding a
bicycle.

11. • How to Cite a Magazine in Print in MLA
• The magazine is very similar to the newspaper. Cite the
author of the article, the name of the article, name of
the magazine, the date published, and the pages
referred to.
• Structure:
– Last, First M. "Article Title." Magazine Title. Date Month Year
Published: Page(s). Print.
• Examples:
– Rothbart, Davy. "How I Caught up with Dad." Men's Health Oct.
2008: 108-13. Print.
*Taken from http://www.easybib.com/reference/guide/mla/website

12. • How to Cite a Website in MLA
• Structure:
– Last name, First name. "Article Title." Website
Title. Publisher of Website, Day Month Year article
was published. Web. Day Month Year article was
accessed. <URL>.
• Example:
– Auel, Erin and Kasper, Matt. "As Demand For Electric Vehicles Steadily
Grows, Tesla Model S Wins 2013 ‘Motor Trend Car Of The Year." Climate
Progress, 19, November 2012. Web. 15 April. 2014.
http://thinkprogress.org/climate/2012/11/19/1204161/as-demand-for-
electric-vehicles-steadily-grows-tesla-model-s-wins-2013-motor-trend-car-
of-the-year/
*Taken from http://www.easybib.com/reference/guide/mla/website