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Economics Class 9

Economics Class 9. Do Now:

kathleen-hensley
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Economics Class 9

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  1. Economics Class 9 Do Now: A frog is at the bottom of a 30 meter well. Each day he summons enough energy for one 3 meter leap up the well. Exhausted, he then hangs there for the rest of the day. At night, while he is asleep, he slips 2 meters backwards. How many days does it take him to escape from the well? Note: Assume after the first leap that his hind legs are exactly three meters up the well. His hind legs must clear the well for him to escape. Do Later: Chapter 17 #1-6

  2. Price elasticity of demand: • What is it? • How do you find it? • What does it connect?

  3. How does Elacticity affect revenue? • Total revenue: • The formula: • Why?

  4. The demand curve: • Explain why the elacticity changes as you move down a straight-line demand curve • When will total revenue increase due to a drop in prices?

  5. Factors affecting Elacticity • The fraction of income spent on the good • Definition: • Availability of substitutes: • Necessity of good:

  6. What is income elasticity? • The definition: • The formula: • The idea:

  7. Cross Elasticity • The definition: • The formula: • The idea:

  8. Exit ticket • Name three goods that have a generally inelastic demand. • Why does the Elasticity change as you move along a straight-line demand curve? • What is cross elasticity?

  9. Do later • Chapter 17 #1-6

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