Supply and Demand

This activity focuses on having students create and solve a system of linear equations in a real-world setting. By solving the system, students will find the equilibrium point for supply and demand. Students should be familiar with finding linear equations from two points or slope and y-intercept. This resource addresses the learning expectation by examining the laws of supply and demand using slope intercept form and the laws of supply and demand.  Students learn through hands on investigation to determine if the rates of change are positive or negative and they determine if the price falls, more product is bought and if the prices increases the less demand for a product results.  Students can work together to complete the project. Students use this activity to work with systems of equations with two variables to solve the problems.

Weblink address (URL): 
Supply and Demand

Standards & Objectives

Learning objectives: 

By the end of this lesson, students will:

  • Explain factors that affect supply and demand.
  • Find linear equations for given sets of supply and demand data.
  • Find the equilibrium point for a system of supply and demand equations.
  • Translate between table, graph, and equation representations for supply and demand data.
Essential and guiding questions: 
  • Explain the different ways the data from each problem can be represented.
  • Which representation do you prefer? Why?
  • Which representation is best for getting accurate values? Explain why.
  • Explain how it is possible to look at 3 categories of data on a 2 dimensional graph.
  • Which representation is best for seeing the trends of the data? Explain why.

Lesson Variations

Blooms taxonomy level: 
Understanding
Extension suggestions: 
  • Introduce students to systems of inequalities
  • Have students work with systems of equations with 3 variables and 3 unknowns
  • Show students how to use a calculator as a tool to solve the system

Helpful Hints

Materials:

  • Class Fundraiser Activity Sheet 
  • Game Cartridges and Silver Dollars Activity Sheet 
  • Answer Keys
  • Straightedge for drawing lines
  • Transparency of Activity Sheet 1 (optional)

References

Contributors: 
Donna Boatwright
Originator: 
Ayers Institute for Learning & Innovation