Episode 16: Elasticity of Demand

This Episode 16: Elasticity of Demand audio also includes:

What happens when the price of an item goes up or down? Does the shift automatically affect the purchasing of that item? Historians use a short podcast to research the idea of elasticity on demand. They analyze the impact a price of an item has on consumers' willingness to purchase it, raising the concept of want over need and how that contributes to elasticity.

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CCSS: Adaptable
Instructional Ideas

  • To show how elasticity impacts demand, role play by auctioning items off in class (candy bars, pencils, etc.) using fake money
  • Hand out rubber bands and have the class either extend or retract them when showing prices of current items in the store
Classroom Considerations

  • Students must have online access assigning the podcast as homework
  • Fits as the 16th episode of a 21-part Economic Lowdown podcast series
Pros

Cons

  • None