1 / 19

Lesson 9 EQ: What is elastic and inelastic demand?

Lesson 9 EQ: What is elastic and inelastic demand?. Objective: SWBAT define elastic and inelastic demand and provide examples of both Do Now: What does it mean if something is elastic? Inelastic?

alcina
Download Presentation

Lesson 9 EQ: What is elastic and inelastic demand?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Lesson 9EQ:What is elastic and inelastic demand?

  2. Objective: • SWBAT define elastic and inelastic demand and provide examples of both • Do Now: • What does it mean if something is elastic? Inelastic? ____________________________________________________________________________________________________________________________ • Homework: • Worksheet

  3. Elasticity • How a demand curve reacts to a change in price

  4. Elastic Demand • Demand can “s t r e t c h” • Good/service that is elastic is not a need, but a want

  5. Elastic Demand Curve • If there is a large decreasein the quantity demanded with a small increase in price… • The demand curve looks flatter, or more horizontal • This flatter curve means that the good or service in question is elastic

  6. Inelastic Demand • Demand does not “stretch” • Good/service that is inelastic is a need, not a want

  7. Inelastic Demand Curve • As quantity changes a littleand price moves a lot… • The demand curve becomes upright • This upright curve means that the good or service in question is inelastic

  8. Complementary Goods • Goods that are often used together • Examples:

  9. Get ready to play... Elastic or Inelastic!!!!

  10. Milk...Elastic or Inelastic? Inelastic!!!!

  11. Diamonds...Elastic or Inelastic? Elastic!!!!

  12. Trip to Hawaii...Elastic or Inelastic? Elastic!!!!

  13. Babysitters...Elastic or Inelastic? Elastic!!!!

  14. Oil (gas)...Elastic or Inelastic? Elastic!!!!

  15. Fruit...Elastic or Inelastic? Inelastic!!!!

  16. Doctors...Elastic or Inelastic? Inelastic!!!!

  17. Medicine...Elastic or Inelastic? Inelastic!!!!

  18. Cell phones...Elastic or Inelastic? Elastic!!!!

  19. Computers...Elastic or Inelastic? Elastic!!!!

More Related