A. Construct and explain an inelastic demand curve
B. Construct and explain an elastic demand curve
- Analyze, interpret and construct economic models to determine demand elasticity
- Integrate and evaluate information presented in order to determine demand elasticity from utilization of demand elasticity tests.
III. Discussion Pages 458-464
A Demand Elasticity & Inelasticity – Elasticity of Demand
B. Calculating Price Elasticity of Demand
- %Change in Qd / %Change in P
- Midpoint Method:
1. On iLearn Worksheet 46.4: Elasticity of Demand Calculation
2. Practice: The price of college tuition increased from $20,000 to $22,000 per year. Enrollment by first year students declined from 500 to 400.
C. Total Revenue Method
- Proportion of Income
- Luxury or necessity
- Page 103 Vocabulary (7)
- Page 109 2-4 Q&A
- Construct economic models and calculate the change in consumer surplus and producer surplus resulting from excise taxes
- Construct economic model and calculate the deadweight loss and revenue from taxes resulting from an excise tax
Taxes on Producers- Microeconomics 2.11 ACDC Econ
Deadweight Loss, Consumer & Producer Surplus- Microeconomics 2.7 (Holiday Edition)
Taxation and dead weight loss | Microeconomics | Khan Academy
I. Bellwork: Use Budget Challenge Information
A. What is the largest payment for a vendor bill you will be making? Provide Amount and vendor
B. What is the second largest payment for a vendor bill you will be making? Provide Amount and vendor
C. What is your bi-weekly gross pay?
D.. What is your net pay?
Evaluate a speaker’s point of view and reasoning assessing the links among ideas and points of emphasis.
Provide a clear and concise conclusion that follows from and reflects on the information shared by the speaker.
III. Complete the Sheet below
[Template] Guest Speaker sheet.doc
- Analyze, interpret, and properly record various transactions according to GAAP using a general journal.
- Interpret and analyze financial transactions following a multi-step procedure based on examples outlined in the text.
III. Classwork: Pages 83-86
- 3-4.2 Application Problem on MindTap