Income Elasticity Activity
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Description
Build your students' comprehension of normal goods, inferior goods, and income elasticity with this engaging and multi-faceted activity!
This activity includes:
1) This "Income Elasticity" Activity includes 3 parts. 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.
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:
Cross-Price and Income Elasticity Bundle
If you like this activity, 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 2.4 - Income Elasticity" video lecture, which can be found here:
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