Activity 01
Pairs: Plotting Demand Curves
Provide price-quantity data for a product like poutine. Pairs plot points, connect to form a curve, then predict quantity at a new price. Discuss the inverse relationship and label axes clearly.
Explain the law of demand and its implications for consumers.
Facilitation TipBefore beginning the Plotting Demand Curves activity, provide a sample data set on the board and model the first two points as a whole class to ensure accuracy.
What to look forPresent students with a scenario: 'The price of movie tickets increased by 10%, and the quantity of tickets sold decreased by 5%. Calculate the price elasticity of demand. Is demand elastic or inelastic?' Review answers as a class, clarifying calculation steps.