Econ: Banana Market – Day 2


box-of-bananas
Using the data from rounds 1-3, students will create a demand and supply schedule. Using the supply and demand schedules, students will create a supply and demand curve. Do not to simply copy the number of sales at each amount, but to stay true to market pricing. For example, if a banana supplier were willing to sell at $9, she would also be willing to sell at $10. If a banana buyer were willing to buy at $2, she would also be willing to buy at $1. Find the equilibrium point. The market price and quantity for your class will depend on your particular class data. Your class demand and supply curves may have different slopes or shapes depending on your class data.

After graphing, the class will conduct rounds 4 & 5. In these rounds, government will implement price controls on the banana market. Students will continue playing their roles of buyers and sellers in a banana market. A sale is made when one buyer and one seller agree on a price with which they are both satisfied and are within the limits of the government’s price control. Sales must be in whole-dollar increments. After a sale is made, the students will record the price under “Actual Sale Price” on their score sheet. They will report the sale price to the Price Recorder and exchange their Buy or Sell Card for another card of the same type.

Arrows-02-june

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