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Elastic Vs. Inelastic

Elastic Vs. Inelastic. Ms. Perez. Bell ringer. Think of items that that consume a LARGE portion of your budget vs. small. Share articles. What did you learn? Did any of the articles shock you?. Price Elasticity of Demand. Measure of change in demand AS A RESULT of changes in prices.

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Elastic Vs. Inelastic

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  1. Elastic Vs. Inelastic Ms. Perez

  2. Bell ringer • Think of items that that consume a LARGE portion of your budget vs. small

  3. Share articles • What did you learn? • Did any of the articles shock you?

  4. Price Elasticity of Demand • Measure of change in demand AS A RESULT of changes in prices.

  5. Elastic • Large change in demand with a change in price • Luxuries • Many substitutes • Large % of budget

  6. Who can think of an example of an elastic item?

  7. Inelastic • Little or no change in demand with a change in price • Necessities • not many substitutes • small % of budget

  8. Who can think of an example of an inelastic item?

  9. Make a T-Chart on a piece of paper • Label one side elastic • Label the another inelastic • Under each item describe why it is elastic or inelastic

  10. Salt

  11. European Vacation Trip

  12. Pork Chops

  13. New Cars

  14. Insulin

  15. Insulin at one of four drugstores in a shopping center

  16. Food

  17. Fruit (for healthy body)

  18. Bananas

  19. Water

  20. Bottled Water

  21. Bottled water if your water supply is contaminated

  22. While listening to this song think about this… • What does the singer mean about us rescuing the companies? • What is he referring to with bonus pay? • Identify two other things from the song that can relate to our economy and explain how they relate. Please use a bit of detail.

  23. Shutting Down Detriot • http://www.youtube.com/watch?v=_exPnlC3wpY&feature=related

  24. My daddy taught me in this country everyone’s the same You work hard for your dollar and you never pass the blameWhen it don’t go your wayNow I see all these big shots whining on my evening newsAbout how their losing billions and its up to me and youTo come running to the rescue Well, pardon me if I don’t shed a tearThere selling make believe and we don’t buy that here

  25. Because in the real world their shuttin’ Detroit downWhile the boss man takes his bonus paid jets on out of townDCs bailing out them bankers as the farmers auction groundYeah, while there living up on Wall Street in that New York City townHere in the real world their shuttin’ Detroit downHere in the real world their shuttin’ Detroit down

  26. Well that old mans been working in that plant most all his lifeNow his pension plans been cut in half and he cant afford to dieAnd its a crying shame, cuz he ain’t the one to Blame When I looked down to see his calloused hands Well let me tell you friend it gets me fightin’ mad

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