Economics – 10/07/19
I. Bellwork –
- Write the formula used to determine elasticity
- If the price of ice pops is .25 and your are able to sell 400, but you decide to raise the price to .40 and the quantity demand drops to 240, is demand elastic or inelastic? – Show your work using the formula.
II. Objectives:
- Calculate elasticity using the price elasticity formula and data provided
- Analyze, interpret, and construct economic models to determine demand elasticity
- Integrate and evaluate the information presented in order to determine demand elasticity from demand elasticity tests
III. Homework– Turn in Today
IV. Classwork
- Elasticity of Demand Video and Questions
V. Quiz Tomorrow
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