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Grade 9-12
,
Lesson

Price Elasticity: From Tires to Toothpicks

Time: 60 mins,
Updated: April 5 2019,
Author: Martha Rush, Cheryl McGaughey
Teacher Version
Objective Standards Summary
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Objective

Students will be able to:

  • Define price elasticity of demand.
  • Distinguish between elastic and inelastic demand.
  • Explain the factors that determine elasticity of demand for a specific good or service.

Standards

National Standards in Economics

National Standards in Financial Literacy

State Standards

Common Core State Standards

Concepts

Demand, Elasticity of Demand

In this economics lesson, students will compare elasticity coefficients of consumer goods.

Subjects:
Economics,Math

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