2.1

LECTURE:













Homework:

Demand:



The following HWK (All) is due on sunday 24th of march Demand: Page: 103 do figure 4.5 Page: 108 and 109 do figure 4.7, 4.8 and 4.9 Page 115 question 1 Supply:

page 153: questions 1,3,4

Elasticity:











resources on elasticity:

> [|www.amosweb.com/cgi-bin/awb_nav.pl] > [|www.mackinac.org/article.aspx?ID=1247] > [|Comparing Gasoline and Restaurant Meals] > [|www.bized.co.uk/virtual/dc/trade/theory/th17.htm]
 * Quantity Demanded: This website provides an explanation of quantity demanded.
 * Price Elasticity of Demand: The price elasticity of various goods has been measured by the Mackinac Center for Public Policy.
 * Comparing Gasoline and Restaurant Meals: This is a fill in the blank worksheet. Students will be asked which of the two items would be the most inelastic, and what factors make it more inelastic.
 * Elasticity of Demand Graph: This graph shows the price elasticity of demand and students can view examples of elasticity of demand.

NOTE: This site offers definitions and additional graphs to help with instruction, and explanation of [|quantity demanded].

__ Complete the interactive Activity: __

[|interactive activity] about inelasticity

__** Demand **__

Watch the following Videos at the beginning of the section:

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__ Related Readings __


 * [|Demand and marginal utility]
 * [|Demand]
 * [|Marginal utility]
 * [|The law of demand]
 * [|Demand the the price of related goods (substitutes and complements)]
 * [|Determinants of demand (income, number of buyers, and preferences)]

__** Supply **__

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Watch the following videos at the beginning of the section:

__ Khan Academy __
 * [|The law of supply]
 * [|Determinants of supply]

Related Readings:


 * __[|Supply]__
 * __[|Productivity]__
 * [|Competition]
 * [|Creative Destruction]
 * [|Profits]
 * [|Innovation]
 * [|Corporations]
 * [|Airline Deregulation]
 * [|Surface Freight Transportation Deregulation]
 * [|Government Growth]
 * [|Housing]

= __Equilibrium__ =

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Watch the following at the beginning of the section:


 * [|Why are markets efficient?]
 * __Khan Academy__
 * [|Market equilibrium]
 * [|Changes in market equilibrium]

Related Readings:


 * [|Efficient Markets Theory]
 * [|Stock Market]

= __Price Elasticity of Demand & Supply__ =

Videos:

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Watch the following at the beginning of the section:


 * [|Introduction to PED and Calculating PED]
 * __Khan Academy__
 * [|Price elasticity of demand]
 * [|More on elasticity of demand]
 * [|Perfectly elastic and perfectly inelastic goods]
 * [|Constant unit elasticity]

Related Readings:


 * [|Total revenue and elasticity]
 * [|More on total revenue and elasticity]
 * [|Cross Elasticity of Demand]
 * [|Elasticity of Supply]
 * [|Elasticity and strange percent changes]