Grade 9-12
,
Activity
Calculating Price Elasticity
Objective
Students will be able to:
- Demonstrate their ability to calculate elasticity of demand.
Standard
National Standards in Economics
Markets and Prices
Standard: 7
- Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
- Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.
Concepts
In this economics activity, students will practice calculating elasticity of demand.
Resources
Procedure
This is an individual activity where students will practice calculating elasticity of demand. Choose one of the following formats for students to complete the activity: Calculating Elasticity Quizizz, Calculating Elasticity Worksheet, or ReadyAssessments Activity. If you choose to implement the ReadyAssessments Activity, allow students to use the Extension 1 Directions to complete the activity. You can check the answer key in real time to facilitate student answers. To complete this activity, students need to follow the directions below:
- Choose which format to complete the activity: Calculating Elasticity Quizizz, Calculating Elasticity Worksheet, or ReadyAssessments Activity, and calculate price elasticity of demand for each problem.