Demand, Supply,

Elasticities
Art & Craft Economics Readiness Programme

Lesson 1 Objectives

Able to draw a simple Demand and Supply diagram

Able to shade Consumer Surplus and Producer Surplus
Able to identify a shift in SS due to tax
Able to identify changes in Price and Quantity
Able to show how changes in PED and PES affect DD and SS
curves
Able to identify incidence of tax on consumers and producers
Able to show how changes in XED and YED affect DD curve

Bonus
Able to shift DD and SS curves simultaneously due to changes in
determinants