Economics – 3/15/12

I.  Bellwork:

Determine whether the demand for the product is elastic, unit elastic, or inelastic based on the information in each case below.  Show your work.  Write Questions and Answers.

If 5,000 units of a product are sold at a price of $20.00, and the price is later:

1. increased to $30.00 resulting in 4,200 units being sold, demand is……
2. increased to $40.00 resulting in 2,500 units being sold, demand is……
3. reduced to $15.00 resulting in 6,500 units being sold, demand is……
4. reduced to $10.00 resulting in 10,000 units being sold, demand is……
5. reduced to $18.00 resulting in 8,000 units being sold , demand is……

II. Objective

• Examine the importance of entrepreneurs in the economy as they attempt to obtain capital and financing.
• Observe how factor markets and product markets operate.

III.  Classwork-Shark Tank-Video link below questions

https://abc.go.com/watch/shark-tank/SH559076/VD55178914/week-8

A.  Write down these questions to answer for each entrepreneur and turn them in today.

1. What is the product/service or idea?
2. What is the entrepreneur asking for and what are they willing to give up?
3. What decision was made?
4. What is your opinion?

Economics W2012