LESSON PLAN For 3/6/15

By Danielle Bonfig
UNIT: Microeconomics
BRIEF UNIT DESCRIPTION: This unit covers a range of topics within Microeconomics
including: the demand and supply model, price controls, elasticity, production costs, perfect
competition and externalities.
Focus of this Lesson: Todays lesson is intended to give a basic understanding of how the
different economic systems function and how they may appear in the real world.
Question of the Day: If there is a change in price, how do we expect the quantity demanded for
a good to change? Or, How much does price matter?
Student Objective of the Day: Be able to answer the above question using their understanding
of elasticity.
LESSON: How Much Does Price Matter?
UNIT ENDURING UNDERSTANDINGS

Elasticity describes the degree to which buyers and sellers respond to price changes.
UNIT ESSENTIAL QUESTIONS

CONTENT OBJECTIVE:
Students will be able to explain the elasticity of demand
Students will understand the factors that determine whether the price elasticity of demand
is elastic or inelastic.
SKILL OBJECTIVE:
Students will calculate the price elasticity of a good.
Students will compare the elasticities of different goods.
ARIZONA STANDARDS:
Strand 5: Economics, Concept 2: Microeconomics - PO 2
o PO 2. Describe how markets function: a. laws of supply and demand b. how a market
price is determined c. graphs that demonstrate changes in supply and demand d. how
price ceilings and floors cause shortages or surpluses e. comparison of monopolistic and
competitive behaviors f. theory of production and the role of cost.
It should be noted that while elasticity is not specifically noted in AZ
standards such a topic would likely fall under this Concept and PO.

Arizona College and Career Ready (CCR) Standards

11-12.WHST.10. Write routinely over extended time frames (time for reflection and
revision) and shorter time frames (a single sitting or a day or two) for a range of
discipline-specific tasks, purposes, and audiences.
o Students already are accustomed to writing Quick Writes, todays lesson will
implement a Quick Write as an opening activity and as an exit ticket of sorts in
which the students address their original tweet.
NCSS THEME
This lesson mainly touches on Theme 7 : Production, Distribution, & Consumption by
connecting the idea that an understanding of elasticity is a factor that influences decisionmaking on issues of production, distribution, and consumption of goods.
INSTRUCTOR NEEDS TO KNOW TO TEACH THIS LESSON: In order to teach this
lesson, the instructor needs to have a firm understanding of the demand-supply model,
equilibrium and elasticity. The instructor must know how elasticity of demand relates to price
changes whether it is unitary, inelastic, or elastic.
ASSESSMENT:
Pre-assessment - No formal pre-assessment has been made for this lesson. Students should have
already read the chapter pertaining to Price Elasticity of Demand.
Copy of Assessment: N/A
Formative assessment - Formative assessment for this lesson will include informal verbal
response check by the instructor and semi-formal assessments in which the students complete the
provided handout and write a Quick Write and then respond to themselves.
Copy of Assessment: N/A
INSTRUCTIONAL MATERIALS:
For the hook:
o Pizza boxes from different restaurants (2)
o 1 gasoline container
Deck of destiny (optional)
Handouts - Digitally posted on Google Classroom morning of the lesson
o Match that PED!
Match that PED! -Answer Key for instructor
o Twitter Response Sheets (students already have copies of)
Lecture: Elasticity
HOMEWORK FOR NEXT DAY:
Naked Economics Chapter 5: (due Friday 3/13/15)
Reading Behind the Supply Curve: Profit, Production, & Costs housed on Google
Classroom.
USE OF TECHNOLOGY/INQUIRY: This lesson uses Ipads to access the handout but more
intensive technology use could be implemented by having the students themselves go to the
home website and proceed to look at the elasticities already in table format. Inquiry based

learning could be better obtained by having the students suggest goods and then analyze said
goods for their possible elasticity.
ACCOMMODATIONS: Accommodations for this lesson could be made in various ways such
as materials could be distributed in advance or in hard copy. Students could work individually, in
pairs, or in small groups--based on the needs of individual students--for the whole main activity.
VOCABULARY: Supply, demand, equilibrium, price, quantity, elasticity, elastic, inelastic, and
unit (unitary) elastic.
LESSON OUTLINE AND DESCRIPTION OF STRATEGIES: The hook is intended to
introduce a topic not typically considered when there is a price change: elasticity. The placement
of the hook should ideally be done before the students enter the room so as to spark their interest
early on. The opening quick write is intended to have students reflect on what they believe they
know and understand from the readings while the closing quick write is intended to help them
reflect and acknowledge any material they may have missed. The majority of the lessons pacing
will depend on the students; they should have previously read assigned reading on Price
Elasticity of Demand, so the lecture itself should be minimal and only just touching on terms and
concepts to help students clarify any notes they took as they read. The closing element of the
lesson merely replicates what the students are already accustomed to for each class period and
may vary depending on questions they have and how much time Hopson may need to address
Finance questions.
STEP BY STEP SEQUENCE OF DAILY PLAN:
Time

Activity
Before class

10 min

Students Learning Tasks

Teachers Learning Tasks

Ensure all materials are available.

Start of Class: Students will watch the morning

News and
news, as is their routine.
Class
Business
Students will pose any pressing
questions regarding class business
&
(grades, due dates, schedule, etc)
Opening
Activity: The Students will respond to the posed
Hook
question first in quick write, then in
pairs comparing responses, then the
whole class will discuss their
responses.

While students are watching

news, place out pizza boxes
and gasoline container on
front table. (Preferably have
these items already located at
the front of the room.)
Pose the following question to
the students: How is a price
change in gasoline, different
than a price change for pizza?
Tweet to Ms Bonfig
Lead the discussion toward
Price Elasticity.

15 min

Lecture:
Elasticity

Students will use the lecture as

supplemental to their notes from their

Instructor will lead the class

through the lecture. It is

readings.
Students will ask questions for
clarification on terms and concepts of
elasticity

10-15
min

Main Activity
Part I

intended to be used as an
opportunity for the students to
address uncertainty in
elasticity rather than just
taking notes.

Students will respond to the posed

questions throughout the lecture.

For the practice problem,

instructor will have students
work in pairs, then compare in
in larger groups, then confirm
answers a class.

Students will work in pairs to

complete the first part of the handout:
matching elasticities to goods.

Distribute Ipads to students.

(Will likely
bleed into Part Once students are drawing to a close
II)
they will compare their tables in
small groups.

Circle room to clarify

questions and information do not confirm answers until
rejoined as a class.
Once students have entered
into the small groups phase
and discussed/compared
responses, as a class look at
the correct answers. Facilitate
discussion around their
responses

10-15
min

Main Activity
Part II

Students will work in individual to

complete the second part of the
handout addressing the questions.
Then they will compare their
responses to a partner, then in small
groups. Once students are drawing to
a close the class will compare
responses as a whole.

5 min

Reflect &
Class
Discussion

Students will Retweet/respond to the

Quick Write they began at the start of
class.

Once students have entered

into the small groups phase
for Part II and they have
discussed/compared
responses, as a class look at
the correct answers.
Facilitate discussion around
their responses
Instructor will instruct the
students to respond to their
opening quick write with as
much information as possible
to correct/enhance their
previous responses.
Teacher will collect quick

writes once students are

finished.
5min

Follow Up
Questions &
Homework
Reminders

Students may pose questions of either Teacher will readdress

instructor regarding Class Business
schedule, homework/due
dates for upcoming week.
Possible Hopson
announcement regarding
Finance materials (2 min)

Bibliography:
Original Lesson from EconEdLink: http://www.econedlink.org/lessons/index.php?
lid=551&type=student (Accessed 2/20/15).