Economics – 5/11/17

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.  Objective:

• Identify and analyze factors that influence demand elasticity.
• Distinguish between a change in quantity demand and demand identifying the situations which impact each.

III.  Classwork

• Kahoot Review
• Page 112 #17-24  Q&A

IV.   Chapter-4-Review– Due Tomorrow for Summative points

V.  Tomorrow Chapter 4 Exam – 2 Parts

• Constructive response
• Selective Response

V.  Chapter 4 Test:

A.  What to study:

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

Economics W2017