Microeconomics: Supply, Demand, and Markets · Supply & Demand

Elasticity and Consumer Choice

Measuring how sensitive consumers and producers are to changes in price and income.

Key Questions

  1. 1Why do some goods remain in high demand regardless of price hikes?
  2. 2How do businesses use elasticity data to set prices?
  3. 3What trade-offs does a luxury tax create for different income groups?

Common Core State Standards

C3: D2.Eco.5.9-12C3: D2.Eco.2.9-12
Grade: 12th Grade
Subject: Economics
Unit: Microeconomics: Supply, Demand, and Markets
Period: Supply & Demand

Suggested Methodologies

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