Chapter 6 Elasticity of Demand

Chapter 6 Elasticity of Demand

Author: Matthew Lonn

Students will understand how the price change of certain goods affects a consumers willingness to purchase that good.

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Introduction to Psychology

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Elasticity of Demand

Use slides #1-13 to gain a basic understanding of the concept of elasticity of demand. Then watch the videos to reinforce that information.

Questions you should be able to answer after the lesson.

1. Definition of elasticity.

2. The difference between inelastic and elastic demand including the specific characteristics of each.

3. How to calculate elasticity of demand using the elasticity formula and the midpoint method.

4. Recognize the difference between an elastic and inelastic demand curve.


Chapter 6 Notes

Elasticity of Demand Video

Source: You Tube