Economics – 10/26/2015

I.  Bellwork:

A.  Fareed sells falafel sandwiches. He charges $4.00 a sandwich and usually sells 100 a day. He recently decided to increase the price of a sandwich to $4.80 and is currently selling 75 sandwiches a day. Use the total revenue test to determine if his falafel sandwiches are elastic or inelastic. Show your work.

B.  Based upon your answer, what market conditions may exist that would support your findings.

II.  Objectives:

• analyze situations distinguishing between a change in quantity demand and a change in demand while identifying the determinants which impact each.
• analyze situations applying various elasticity tests to determine the elasticity of demand
• Integrate and evaluate multiple sources of information presented in diverse formats and media  in order to address a question or solve a problem.

III.  Classwork

• Demand and Elasticity Worksheet
• Demand Curve Flash Cards
• Kahoot

IV.  Chapter-4-Review– Due Tomorrow – Extra Credit

V.  Chapter 4 Test Tomorrow Review:

A. Demand Curve Flash Cards

B. Your iLearn Quiz

C. Your Notes:

• Change in Quantity Demand & Change in Demand-1
• Brace Map Change in Quantity Demand
• Determinants of Demand
• Demand Schedule & Demand Curve – Figure 4.1 (Notebook)
• Elasticity Tests – 3 Questions & Total Revenue Test

IV Exit Ticket

What are you confident about going into the test?

What do you still need to study/review?

What do you expect to get on tomorrow’s test?

Explain your study plan

Economics F2015