I. Bellwork
A hot dog vendor sold hot dogs for 2.00 and the quantity sold was 60. The vendor decided to raise the price to 2.50 and sold 40 hot dogs.
A. Using the total revenue test determine elasticity. (SHOW YOUR WORK)
B. Using the price elasticity of demand formula determine elasticity. (SHOW YOUR WORK)
II. Objectives
- Apply tests to determine elasticity based upon information provided
- Review concepts and principles relating to demand, quantity demand, and elasticity of demand to address questions
III. Classwork –
A. Review Sheet –
- Go over quizzes
- Review Sheet
IV. Chapter 4 Test on Monday – No notes
V. Things to Review:
B. Your iLearn Quizzes (I will open them from you to review on Friday)
C: Kahoot Review
D. 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
IV. Chapter-4-Review– Extra credit due Monday (must be complete)
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