Build your students' comprehension of substitute goods, complementary goods, and cross-price elasticity with this engaging and multi-faceted activity!
This activity includes:
1) This "Cross-Price Elasticity" Activity includes 3 parts. It begins with a colorful graphic organizer that asks your students to define cross-price elasticity and explain the difference between substitute and complementary goods. Students will also be asked to predict what happens to the demand for two separate goods when the price of a substitute and a complement changes. Next, students will use data provided in 4 different examples to calculate the cross-price elasticity coefficient, determine the elasticity of demand between two goods, and identify if the two goods are substitutes or complements. Next, students will be provided with 8 different market graphs and will be asked to use their knowledge and a collection of data provided to determine if two goods are substitutes or complements based on their cross-price elasticity coefficient. Students will then predict how a change in the price of one good affects the demand for the other, and then graph the changes on a supply and demand graph provided.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs, or this activity can be used as a jigsaw in order to facilitate a class-wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
This activity can also be found in a bundle paired with a PowerPoint, Keynote and PDF version of a fully customizable lecture found here:
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Best of all, this activity aligns to our "Unit 2.3 - Cross-Price Elasticity" video lecture, which can be found here:
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