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Elastic Vs. Inelastic
Ms. Perez
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Bell ringer
Think of items that that consume a LARGE portion of your budget vs. small
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What did you learn?Did any of the articles shock you?
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Price Elasticity of Demand
Measure of change in demand AS A RESULT of changes in prices.
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Elastic
Large change in demand with a change in priceLuxuriesMany substitutesLarge % of budget
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Who can think of an example of an elastic item?
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Inelastic
Little or no change in demand with a change in price
Necessitiesnot many substitutessmall % of budget
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Who can think of an example of an inelastic item?
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Make a T-Chart on a piece of paper
Label one side elasticLabel the another inelastic Under each item describe why it is
elastic or inelastic
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Salt
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European Vacation Trip
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Pork Chops
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New Cars
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Insulin
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Insulin at one of four drugstores in a shopping center
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Food
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Fruit (for healthy body)
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Bananas
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Water
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Bottled Water
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Bottled water if your water supply is contaminated
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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.
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Shutting Down Detriot
http://www.youtube.com/watch?v=_exPnlC3wpY&feature=related
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My daddy taught me in this country everyone’s the same
You work hard for your dollar and you never pass the blame
When 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
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Because in the real world their shuttin’ Detroit down
While 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
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Well that old mans been working in that plant most all his life
Now 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