The Elasticity Game

Worksheet Description

This worksheet is titled “Elasticity of Demand” and is focused on teaching students about the concept of elasticity in economics. It provides a list of items, including smartphones, movie tickets, fresh fruits, and designer clothing, for which students must determine the elasticity of demand. For each item, students are required to specify whether the demand is high or low in elasticity and provide a brief explanation for their reasoning. The exercise encourages students to think about how the quantity demanded for a product or service might change in response to price changes.

“Elasticity of Demand” is designed to help students understand how different products and services respond to changes in price, a concept known as price elasticity of demand. By categorizing goods as either elastic or inelastic, students learn that elastic goods are sensitive to price changes, whereas inelastic goods are less affected. The worksheet aims to teach students to analyze factors that influence elasticity, such as availability of substitutes, necessity versus luxury, and proportion of income spent on the good. Understanding elasticity is crucial for grasping how consumers will react to price changes, which can impact business strategies and economic policies.