4.3 Elasticity of Demand
Unit 2 Lesson 3: Elasticity of Demand
Main Idea
Consumers react differently to price changes depending on whether the good is a necessity or a luxury. The elasticity of demand for a product and what factors influence your willingness and ability to pay for a product.
Lesson Objectives
By the end of this lesson, students should be able to:
Consumers react differently to price changes depending on whether the good is a necessity or a luxury. The elasticity of demand for a product and what factors influence your willingness and ability to pay for a product.
Lesson Objectives
By the end of this lesson, students should be able to:
- Describe why elasticity is a measure of responsiveness.
- Describe the elasticity of demand for a product.
- Describe the factors that determine demand elasticity.
Reading Assignment
Read pages 101 - 107 in Economics: Principles & Practices. Complete the Guided Reading Activity (print it) as you read. Turn it in after you have completed it.