Objectives:
With this module students will learn about:
Standards:
College Board Microeconomics Content Area
II . The Nature and Functions of Product Markets Elasticity
a . Price elasticity, income elasticity, and cross-price elasticity of demand
b . Price elasticity of supply
Georgia Performance Standards:
SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.
c. Define price elasticity of demand and supply
With this module students will learn about:
- The definition of Elasticity
- The 6 Determinants of Elasticity
- How to calculate Elasticity Coefficients using the midpoint formula
- The different elasticity ranges on the demand curve
- Income Elasticity
- Cross-Price Elasticity
- Elasticity of Supply
Standards:
College Board Microeconomics Content Area
II . The Nature and Functions of Product Markets Elasticity
a . Price elasticity, income elasticity, and cross-price elasticity of demand
b . Price elasticity of supply
Georgia Performance Standards:
SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.
c. Define price elasticity of demand and supply
Web based activities for this Module:
- Watch the following videos before class:
- Elasticity and Coefficients
- Elasticity Ranges
- Income and Cross-Price Elasticity
- Elasticity of Supply
Non-Web based activities for this Module:
Additional Resources for this Module:
- Complete your workbook sections: MB U2L4A17 – A21. Follow the Edmodo calendar for the due dates.
- Read Chapter 18, 29, and 35 (Pg. 682-692) of your textbook - there will be a Reading Quizzes, you may use your notes. Follow the Edmodo Calendar for the due dates.
- Complete the Elasticity HW assignment and Enrichment Assignment (on Edmodo)
- Complete practice graphs that will be distributed in class.
Additional Resources for this Module: