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By Danielle Bonfig
UNIT: Microeconomics
BRIEF UNIT DESCRIPTION: This unit covers a range of topics within Microeconomics
including: the demand and supply model, price controls, elasticity, production costs, perfect
competition and externalities.
Focus of this Lesson: Todays lesson is intended to give a basic understanding of how the
different economic systems function and how they may appear in the real world.
Question of the Day: If there is a change in price, how do we expect the quantity demanded for
a good to change? Or, How much does price matter?
Student Objective of the Day: Be able to answer the above question using their understanding
of elasticity.
LESSON: How Much Does Price Matter?
UNIT ENDURING UNDERSTANDINGS
Elasticity describes the degree to which buyers and sellers respond to price changes.
UNIT ESSENTIAL QUESTIONS
CONTENT OBJECTIVE:
Students will be able to explain the elasticity of demand
Students will understand the factors that determine whether the price elasticity of demand
is elastic or inelastic.
SKILL OBJECTIVE:
Students will calculate the price elasticity of a good.
Students will compare the elasticities of different goods.
ARIZONA STANDARDS:
Strand 5: Economics, Concept 2: Microeconomics - PO 2
o PO 2. Describe how markets function: a. laws of supply and demand b. how a market
price is determined c. graphs that demonstrate changes in supply and demand d. how
price ceilings and floors cause shortages or surpluses e. comparison of monopolistic and
competitive behaviors f. theory of production and the role of cost.
It should be noted that while elasticity is not specifically noted in AZ
standards such a topic would likely fall under this Concept and PO.
learning could be better obtained by having the students suggest goods and then analyze said
goods for their possible elasticity.
ACCOMMODATIONS: Accommodations for this lesson could be made in various ways such
as materials could be distributed in advance or in hard copy. Students could work individually, in
pairs, or in small groups--based on the needs of individual students--for the whole main activity.
VOCABULARY: Supply, demand, equilibrium, price, quantity, elasticity, elastic, inelastic, and
unit (unitary) elastic.
LESSON OUTLINE AND DESCRIPTION OF STRATEGIES: The hook is intended to
introduce a topic not typically considered when there is a price change: elasticity. The placement
of the hook should ideally be done before the students enter the room so as to spark their interest
early on. The opening quick write is intended to have students reflect on what they believe they
know and understand from the readings while the closing quick write is intended to help them
reflect and acknowledge any material they may have missed. The majority of the lessons pacing
will depend on the students; they should have previously read assigned reading on Price
Elasticity of Demand, so the lecture itself should be minimal and only just touching on terms and
concepts to help students clarify any notes they took as they read. The closing element of the
lesson merely replicates what the students are already accustomed to for each class period and
may vary depending on questions they have and how much time Hopson may need to address
Finance questions.
STEP BY STEP SEQUENCE OF DAILY PLAN:
Time
Activity
Before class
10 min
15 min
Lecture:
Elasticity
readings.
Students will ask questions for
clarification on terms and concepts of
elasticity
10-15
min
Main Activity
Part I
intended to be used as an
opportunity for the students to
address uncertainty in
elasticity rather than just
taking notes.
(Will likely
bleed into Part Once students are drawing to a close
II)
they will compare their tables in
small groups.
10-15
min
Main Activity
Part II
5 min
Reflect &
Class
Discussion
Follow Up
Questions &
Homework
Reminders
Bibliography:
Original Lesson from EconEdLink: http://www.econedlink.org/lessons/index.php?
lid=551&type=student (Accessed 2/20/15).