Economics – 3/21/13
I. Bellwork
Marco’s subs sells 400 sub sandwiches a week at a price of $5.00 each. Marco soon raises the price to $5.50 and is able to sell 380 sub sandwiches for the week.
A. Determine Marco’s Total Revenue before and after the price change.
B. Determine if demand is elastic or inelastic and explain why.
C. Use the elasticity formula to determine the ratio. (% Change in Quantity Demand/% Change in Price)
II. Objective:
- Examine the importance of entrepreneurs in a market economy as they attempt to obtain capital and financing to support their endeavors.
- Demonstrate understanding of written, spoken, or visual information by restating, paraphrasing, summarizing, critiquing, or composing a personal response.
III. Mess up today and receive:
- A zero on today’s work
- A detention next Thursday
IV.. Classwork-Shark Tank-After you write down the question below click on the link: Shark Tank Week 19
A. Write down these questions to answer for each entrepreneur and turn them in today.
- What is the product/service or idea?
- What is the entrepreneur asking for and what are they willing to give up?
- What decision was made?
- Explain your opinion on the product and deal that was or wasn’t made. 1-2 sentences
B. Video click on one of the links below
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