Plot demand, supply, or supply and demand curves to understand the relationship between price and quantity as well as customer/supplier surpluses. Students will be prompted for their maximum willingness to pay (customers/demand side) or the minimum price they would accept (suppliers/supply side) to buy/sell a product.
You decide whether the activity will display the supply curve, demand curve, or supply and demand curve. Students will be asked a question and will submit their maximum willingness to pay (customers/demand side) or the minimum price they would accept (suppliers/supply side) to buy/sell a product - up to 3 times with different answers. Then, the model turns such answers into a demand/supply curve by ordering the answers and allows you to calculate revenues, quantities, or surpluses by setting certain prices; or finding the equilibrium if it is a supply and demand curve.
