| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
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| Standard 4: Consumer & Producer Surplus, and Deadweight Loss |
| Week 4: Consumer Surplus, Producer Surplus, and Elasticity of Demand and Supply |
| Estimated Learning Time: 4 to 6 class periods (45 min. each) |
| "Consumer surplus and producer surplus are fundamental concepts typically taught in a traditional high school economics course, usually within the supply and demand unit to explain market efficiency, welfare, and the benefits to buyers and sellers, often visualized with graphs. Students learn that consumer surplus is the difference between what consumers are willing to pay and what they actually pay, while producer surplus is the difference between the market price and the minimum price producers are willing to accept. " Ask Google AI 1 |
| "A traditional high school economics course almost always includes the concept of price elasticity, as it explains how sensitive consumers and producers are to price changes, linking directly to supply, demand, and revenue. " Ask Google AI 2 |
Reading Assignment -- Chapter 7:
Video Book -- Chapter 7:
You DO NOT have to VIEW the video links below if you read Chapter 7, Parts I and II
above, but the videos might be good "starter videos" for classroom instruction as
a review AFTER the topic has been taught.
The 3 self-graded multiple choice questions located UNDERNEATH the YouTube video
tests students knowledge of the subject.
above, but the videos might be good "starter videos" for classroom instruction as
a review AFTER the topic has been taught.
The 3 self-graded multiple choice questions located UNDERNEATH the YouTube video
tests students knowledge of the subject.
Interactive Activities -- Chapter 7:
Reading Assignment -- Chapter 8:
Video Book -- Chapter 8:
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| Starndard 4: Price Elasticity of Demand |
(1:27 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(3:10 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(1:32 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:55 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:54 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:23 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:54 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(3:00 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
Interactive Activities -- Chapter 8:
| "The concept of deadweight loss (DWL) is typically taught in a traditional high school economics course . . . to illustrate market inefficiencies from things like monopolies, taxes, price controls (ceilings/floors), and externalities (concepts you will learn about later in this course), showing the loss of total economic surplus (consumer + producer surplus) compared to a perfectly competitive market." Ask Google AI 2 |
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| Standard 4: Price Elasticity of Demand and an Excise Tax |
(2:10 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:08 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(3:09 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:32 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
(2:21 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
| "The concepts of elasticity (especially price elasticity of demand/supply) and how they affect per-unit taxes (tax incidence) are standard topics in high school economics, often covered together to show real-world application of supply and demand analysis, explaining who truly pays the tax burden. Students learn that the less elastic (more inelastic) the curve, the more that group (buyers or sellers) bears the tax, a key part of microeconomics. " Ask Google AI 2 |
Reading Assignment -- Chapter 8:
Video Book -- Chapter 8:
Interactive Activities -- Chapter 8:
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| Week 4: Price Elasticity of Supply |
(2:28 minutes)
(Make sure you take the 3 multiple choice questions underneath the video.)
| "The concept of price elasticity of supply (PES) is a fundamental topic covered in traditional high school economics courses, alongside price elasticity of demand, as it explains how much the quantity suppliers are willing to sell changes in response to price changes, using percentage changes and identifying elastic (responsive) vs. inelastic (unresponsive) supply. It helps students understand business pricing, inventory, and market dynamics, often using formulas and graphical analysis (steep vs. flat curves). " Ask Google AI 2 |
Reading Assignment -- Chapter 8:
Video Book -- Chapter 8:
Interactive Activities -- Chapter 8:
| When you open the link below, fill in the interactive answers to the right of the questions. |
| Standard 4: Elasticity Baseball Game (only play 6 innings). |
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| TEST YOUR KNOWLEDGE: |
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Follow the directions on the website below before answering the questions.
| Are You Smart Enough to Answer College-Level Questions about the Elasticity? |
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NOTE: Reffonomics Baseball can be played inside a classroom or all the questions in
the game can be answered individually as homework.
the game can be answered individually as homework.