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Elastic Vs. Inelastic. Ms. Perez. Bell ringer. Think of items that that consume a LARGE portion of your budget vs. small. Share articles. What did you learn? Did any of the articles shock you?. Price Elasticity of Demand. Measure of change in demand AS A RESULT of changes in prices.

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Elastic Vs. Inelastic


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Presentation Transcript
bell ringer
Bell ringer
  • Think of items that that consume a LARGE portion of your budget vs. small
share articles
Share articles
  • What did you learn?
  • Did any of the articles shock you?
price elasticity of demand
Price Elasticity of Demand
  • Measure of change in demand AS A RESULT of changes in prices.
elastic
Elastic
  • Large change in demand with a change in price
    • Luxuries
    • Many substitutes
    • Large % of budget
inelastic
Inelastic
  • Little or no change in demand with a change in price
      • Necessities
      • not many substitutes
      • small % of budget
make a t chart on a piece of paper
Make a T-Chart on a piece of paper
  • Label one side elastic
  • Label the another inelastic
  • Under each item describe why it is elastic or inelastic
while listening to this song think about this
While listening to this song think about this…
  • What does the singer mean about us rescuing the companies?
  • What is he referring to with bonus pay?
  • Identify two other things from the song that can relate to our economy and explain how they relate. Please use a bit of detail.
shutting down detriot
Shutting Down Detriot
  • http://www.youtube.com/watch?v=_exPnlC3wpY&feature=related
slide24
My daddy taught me in this country everyone’s the same You work hard for your dollar and you never pass the blameWhen it don’t go your wayNow I see all these big shots whining on my evening newsAbout how their losing billions and its up to me and youTo come running to the rescue

Well, pardon me if I don’t shed a tearThere selling make believe and we don’t buy that here

slide25
Because in the real world their shuttin’ Detroit downWhile the boss man takes his bonus paid jets on out of townDCs bailing out them bankers as the farmers auction groundYeah, while there living up on Wall Street in that New York City townHere in the real world their shuttin’ Detroit downHere in the real world their shuttin’ Detroit down
slide26
Well that old mans been working in that plant most all his lifeNow his pension plans been cut in half and he cant afford to dieAnd its a crying shame, cuz he ain’t the one to Blame When I looked down to see his calloused hands Well let me tell you friend it gets me fightin’ mad