Teaching Elasticity of Demand

Teaching Elasticity of Demand
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I use this project to teach Elasticity of Demand prior to giving them the definition. I come up with different products (some elastic like Yeezy's Tennis Shoes and some inelastic like a flu shot) each semester and print out a picture of the item, then randomly assign them to each group. It is best to have groups of 4 or fewer.

They must research their market (how many people live in the state, how many people are in that target age bracket/gender/income group/etc). Then, students will create their demand schedule and curve based off of that research. At the end of the class - we compare curves and products and see that some curves are steeper than others. Students reflect over why that is. Then, I teach them about elasticity.
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1 page
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