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__________________________________________________________________________________________________________ Center for Economic Education (MH) James Madison University Math SOLs 2.17, 3.17a What Price Should We Charge? (Teacher copy) My product is _______________________________________________________________ Names Total Quantity At ____ each, how many will you buy? (highest price) At ____ each, how many will you buy? At ____ each, how many will you buy? At ____ each, how many will you buy? At ____ each, how many will you buy? (lowest price) Explain what happens to the number people want as the price goes up:

__________________________________________________________________________________________________________ Center for Economic Education (MH) James Madison University Math SOLs 2.11, 3.13, 3.17a Name ________________________________ Graph the Demand for Your Product! Price Highest Price  __________-___ __________-___ __________-___ Lowest Price  __________-___ __________-___ 0 ___ ___ ___ ___ ___ ___ ___ ___ Quantity Which of the following do you think is a better way to make more profit? Explain your answer. 1) Sell more goods at a lower price? Or… 2) Sell fewer goods at a higher price?

__________________________________________________________________________________________________________ Center for Economic Education (MH) James Madison University Name _____________________________________________ What Price Should We Charge? My product is _______________________________________________________________ Names Total Quantity At ____ each, how many will you buy? (highest price) At ____ each, how many will you buy? At ____ each, how many will you buy? At ____ each, how many will you buy? At ____ each, how many will you buy? (lowest price) Explain what happens to the number people want as the price goes up:

__________________________________________________________________________________________________________ Center for Economic Education (MH) James Madison University Math SOLs 2.11, 3.13, 3.17a Name ________________________________ Graph the Demand for Your Product! Price Highest Price  __________-___ __________-___ __________-___ Lowest Price  __________-___ __________-___ 0 ___ ___ ___ ___ ___ ___ ___ ___ Quantity Which of the following do you think is a better way to make more profit? Explain your answer. 1) Sell more goods at a lower price? Or… 2) Sell fewer goods at a higher price?