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Demand Elasticity Lesson Plan

Instructor: Sharon Linde

Sharon has a Masters of Science in Mathematics

Teach students about elasticity of demand with this lesson plan. Students will watch a video lesson that defines the term, teaches formulas and shares examples, then they will practice applying with hands-on activities and take a quiz.

Learning Objectives

After this lesson, students will be able to:

  • define 'elasticity of demand'
  • use two formulas to calculate demand elasticity
  • explain how and why demand elasticity is used

Length

1 - 1.5 hours

Curriculum Standards

  • CCSS.ELA-Literacy.RST.11-12.3

Follow precisely a complex multistep procedure when carrying out experiments, taking measurements, or performing technical tasks; analyze the specific results based on explanations in the text.

  • CCSS.ELA-Literacy.RST.11-12.4

Determine the meaning of symbols, key terms, and other domain-specific words and phrases as they are used in a specific scientific or technical context relevant to grades 11-12 texts and topics.

  • CCSS.ELA-Literacy.RST.11-12.9

Synthesize information from a range of sources (e.g., texts, experiments, simulations) into a coherent understanding of a process, phenomenon, or concept, resolving conflicting information when possible.

Materials

Key Vocabulary

  • Elasticity of demand (Ed)
  • Arc elasticity of demand
  • Point-price elasticity of demand

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