Monday October 5, 2015
Mr. Goblirsch – Economics
OBJECTIVE – Students Will Be Able To – SWBAT:
- Determine if a good is elastic, inelastic, or unit elastic and explain the factors
effecting elasticity.
AGENDA:
1)
2)
3)
4)
5)
WARM-UP: Elasticity Math Practice
CONCEPT: Determining Elasticity of Demand
PARTNERS: Graphing Demand
RAFFLE: Presentation Schedule (5 Wed – 4 Thurs)
CLOSURE: Need to Know for Tomorrow’s Quiz
***Chapter 4 – Demand Quiz TOMORROW***
Elasticity Questions WARM-UP: (Follow the directions below)
***5 minutes***
 Read P. 92 in your textbook. Answer the questions below.
1) What is the formula used to determine elasticity?
2) Looking at Example #1, why is the demand for this product considered
elastic?
3) Looking at Example #2, why is the demand for this product considered
inelastic?
Chapter 4: Demand
Section 1: Understanding Demand
Section 2: Shifts of the Demand Curve
Section 3: Elasticity of Demand
Elasticity = % change QD
% change P$
>1 = Elastic Demand
<1 = Inelastic Demand
=1 = Unit Elastic Demand
II. Total Expenditures Test
• P$ X QD = total expenditures.
– if the price changes and expenditures move in
opposite directions on the demand curve, demand
is elastic
– same direction, demand is inelastic
– no change, demand is unit elastic
The Total Expenditures Test (cont.)
Figure 4.5
The Total Expenditures Test for Demand Elasticity
Elastic
$6 X 5= $30
$5 X 8.5= $42.50
Inelastic
$6 X 3.5= $21
$4 X 4= $16
__________
$__ X __ = $__
$__ X __ = $__
___________
$__ X __ = $__
$__ X __ = $__
BUSINESS PRESENTATIONS – 4th
WEDNESDAY
#
GROUP MEMBERS
THURSDAY
#
GROUP MEMBERS
1st
Blanton, Jas, Alyssa, Victor
1st
Beatriz, Heredia, Daniel,
2nd
Noe, Breanna, Daisy, Uriah
2nd
Alex, Jairo, Efren
3rd
Ana, Israel, Marcos
3rd
Luis x 2, Briana, Alvin
4th
Esmeralda, Hector, Abigail,
Bunchhay
4th
Alyssa Godinez, Xiomara, Tristin,
Arturo
5th
Austin, Galindo, Alyssa Garcia,
Cristina
5th
BUSINESS PRESENTATIONS – 5th
WEDNESDAY
#
GROUP MEMBERS
THURSDAY
#
GROUP MEMBERS
1st
Isaac, Austin, Alan, Abrahan
1st
Annie, Destiny, David, Blake
2nd
Armani, Prime, Jade, Abigail
2nd
Issac, Isai, Calie, Celeste
3rd
Jewel, Elena, Monae
3rd
Angela, Brandon, Amran, Knights
4th
Jatin, Suhkman, Alex, Sergio
4th
Margarita, Estteffany, Chelsea,
Michelle
5th
Dania, Oscar, Erik, Jasmine
NEED TO KNOW FOR
TOMORROW’S QUIZ
• Substitution & Income
effect
• Individual vs. market
demand schedule
• Complementary &
substitute goods
• Elasticity
• Elastic vs. Inelastic
• Definition of demand
• Law of Demand
• Factors that influence
demand
• Changes in quantity
demanded
• Changes in demand