Are you looking for that perfect lesson that engages your students and helps them understand cross-price and income elasticity? This bundle has EVERYTHING you need and includes TWO ACTIVITIES!
This "Cross-Price and Income Elasticity" bundle includes:
1) A customizable lecture that you can adjust to meet your needs and the needs of your students. This bundle includes a version of this lecture in Keynote (Mac), Powerpoint (PC), and PDF format for users of every operating system.
*****Depending on the version of the presentation software that you use to present in your classroom, fonts and sizes in our lecture presentations may need adjustment. To make it easier for you to create a lecture that engages your students and looks like the PDF file included in this bundle, we offer downloadable font bundles in our store for FREE!
At absolutely no cost to you, you can get your hands on the fonts that we use in our lectures so that you can customize your presentations. Download the Free Font Bundle, install the fonts onto your computer, and customize your lecture in the way that works of you. Adjust sizes, fonts, images, and content to meet your needs and the needs of your students!*******
2) A "Cross-Price Elasticity" Activity. 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.
3) An "Income Elasticity" Activity. It begins with a colorful graphic organizer that asks your students to define income elasticity and explain the difference between normal and inferior goods. Students will also be asked to predict what happens to the demand for a normal good and an inferior good when consumer real income levels change. Next, students will use data provided in 4 different examples to calculate the income elasticity coefficient, determine the elasticity of demand for a good, and identify if the good is a normal good or an inferior good. 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 the good is a normal good or an inferior good based on its income elasticity coefficient. Students will then predict how a change in consumer income affects the demand for the good, and then graph the changes on a supply and demand graph provided.
These activities can be used in many different ways in the classroom. Students can work independently, in pairs or these activities can be used as a jigsaw in order to facilitate a class wide discussion about the topics discussed in the activity.
4) A detailed answer key to the lesson activities to save you time and help guide student comprehension.
If you like these activities, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Theory of Consumer Choice Unit Activity Bundle
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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