EXAM CORNERINTRO ACTIVITY


2019 Q16 (a) (iv) New Chapter is an award winning traditional bookshop located in Tinahely, Co Wicklow.


(iv) What impact would the following have on the demand for books in New Chapter? Please tick (✔) in the correct box.


Increased demand for books in New Chapter


A reduction in the price of books An increase in taxes (VAT)


Roll out of broadband to all areas in Wicklow


An Eason’s store opening in the town


Explainer: 1. Cheaper books will increase demand for them.


2. If the VAT increase led to the books being more expensive, it would decrease demand for them.


3. Broadband will allow Wicklow customers to order books online more easily / use eBooks instead (more likely to choose substitute goods in place of New Chapter’s books)


4. Eason’s would be a direct substitute for New Chapter, decreasing the demand for their books.


✔3m


✔3m ✔3m ✔3m


Decreased demand for books in New Chapter


CLASS ACTIVITYINTRO ACTIVITY


Key Skill: Identify whether a factor would increase or decrease the demand for a good or service


1.


Identify whether each statement would lead to an increase or decrease in demand for Mooju chocolate milk.


Statement


The price of an alternative chocolate milk drink Yazoo decreases An online trend on TikTok goes viral of people using Mooju to make smoothies at home


A new report is released suggesting milk may not be suitable for lots of people to drink


People get an increase in their disposable income


2. List two other reasons that the demand for Mooju might increase. Explain each.


3. Choose a good or service that you and your friends use regularly.


Create TWO statements that could lead to an increase in demand for it, and TWO statements that could lead to a decrease in demand for it. Then test your questions on other students in your class.


326 2


STRAND 3


CHAPTER 29: Demand, supply & market equilibrium


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