Economics – 5/09/17

I.  Bellwork

  1. List 2 products that have an inelastic demand.  Explain each.
  2. List 2 products that have an elastic demand . Explain each.

II.  Objective:

  • Model, review and discuss concepts and principles relating to changes in demand, quantity demand, and demand elasticity
  • Evaluate various explanations for actions or events and determine which explanation best accords with with the situation relating to changes in demand, quantity demand, and demand elasticity

III.   Discussion

A.  Elasticity and the Total Revenue Test- Micro 2.9

IV.  Classwork

  • Page 109 #5-8

V.  Chapter-4-Review– Due Friday for Summative points

  • Friday Chapter 4 Test

 VII.  Test Friday :

  1. Change in Quantity Demand & Change in Demand-1
  2. Brace Map Change in Quantity Demand
  3. Determinants of Demand
  4. Demand Schedule & Demand Curve – Figure 4.1 (Notebook)
  5. Elasticity Test


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