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Elasticity: Curated Media

News & Articles

Massive response to sale prompts Build-A-Bear to shut down lines, offer vouchers  
(CNN) 7/12/2018
The "overwhelming" response to a sale at Build-A-Bear prompted the retailer to turn away customers waiting in long lines outside its stores. Ask your students if they can infer anything about elasticity of demand.
Resources: 
Multiple Choice Questions

Most Netflix users would pay a lot more for their subscription, survey shows  
(Yahoo! Finance) 5/15/2018
Are your students addicted to Netflix? Then this example might resonate with them. While the headline is a bit misleading, you can use the information given in the article about demand at different price points to calculate (a rough) elasticity of demand for Netflix (FYI —  Netflix has around 125M subscribers). You could even create a poll for your class and construct the class’ elasticity of demand for Netflix for a more personal example.


Facts about (Facebook) Friends 
(Marginal Revolution) 7/25/2017
An oldie, but a goodie. Does distance make the heart grow fonder? Tyler Cowen provides some stats on social connectedness and links to a working paper on the topic. Transfer of learning, anyone?


Podcasts

An Economist Gets Stoned
(Planet Money)
What happens to the price of drugs if we legalize them? Well, it depends on elasticity of demand. For more background on the research in this episode, check out Jeffrey Miron’s paper on drug prohibition’s budgetary implications.
*No economists were stoned in the making of this podcast.

Resource: Rebecca Moryll has a class discussion question and a written assignment for this episode at audioecon.com.


Video

Characteristics that Determine Elasticity 
(MJM Foodie)
Using the example of gas to fuel her car, Dr. Mary J. McGlasson gives 

a quick overview of the contributing factors to whether an individual’s demand for a particular good might be elastic or inelastic. So, is Dr. McGlasson’s demand for gasoline elastic or inelastic?

Elasticity and Slave Redemption 
(MRU)
Slave redemption is one of the starkest examples of unintended consequences that we’ve ever heard of. It drives home the point for students that even when you’re trying to do good in the world, understanding economics, including elasticities, is crucial!



Hey Professor Smith,


Welcome back to EconInbox — your weekly round-up of the best free and engaging econ teaching resources out there.

This week: elasticity. Students often have trouble with elasticity, especially applying it outside of economics. In fact, most people are pretty bad at learning transfer – taking a concept from one area and applying it to another. And yet, it’s arguably one of the most important skills. Below, you’ll find a few examples of learning transfer in action, but please send others our way!

Sign me up!

Have resources to share?
We'd also love to hear any other comments you have!

Drop us an email at 

A weekly email of media and activities tailored to what you’re teaching.

econinbox@mruniversity.com

BETA

How it works

1. Sign up for EconInbox with your Principles of Microeconomics, AP Microeconomics, or High 
School Economics syllabus. 

 

2. We sync tailored resources to your syllabus schedule.

3. You receive one weekly email of resources based on what you’re teaching that week.

What educators are saying 

about EconInbox

"I'm honored to say EconInbox is my best teaching assistant."

"I'm enjoying the variety of options EconInbox sends.  I have used both videos and articles on my electronic blackboard."

"I am just so happy with EconInbox. It's been such a great resource - I've used it to improve my lectures, build better reading response questions, and inspire ideas. 
I look forward to it every week!"

MRU Video LibraryTerms of UseHigh School Teacher ResourcesUniversity Teacher Resources
Sample Email

Elasticity: Curated Media

News

Trump’s tennis ball tariff represents a grand slam of terrible tariff policy  
(Washington Post) 6/27/2019
Why is a tariff on a tennis ball not the best idea? Elasticity. Note- this resource foreshadows taxes and how elasticity relates tax burden.

Resource: Worksheet


Netflix is raising its prices. Here’s why. 
(New York Times) 1/15/2019
Netflix found that most users would pay a lot more for its subscription, and then lo and behold, it decided to raise its prices. Why? It’s all about elasticity. Use the latest news and the worksheet below to drive a discussion about elasticity. 

Resource: Worksheet


Why you’ll pay $1,000 for Apple’s new iPhone  
(Slate) 09/01/2017
Apple discovered its users were getting way too much consumer surplus from a $750 phone and needed to remedy that. Use the worksheet below to compare and contrast Apple’s pricing strategy from 2011 to 2017. Thanks to Emily Beam for providing this great exercise!
Resource: 
Worksheet

Massive response to sale prompts Build-A-Bear to shut down lines, offer vouchers  
(CNN) 7/12/2018
The "overwhelming" response to a sale at Build-A-Bear prompted the retailer to turn away customers waiting in long lines outside its stores. Ask your students if they can infer anything about elasticity of demand.
Resource: 
Multiple Choice Questions



Podcasts

Moonshine Stimulus
(Planet Money)
Did alcohol consumption fall during Prohibition? This episode explores what happens when a relatively inelastic good gets banned.
 
Resource: Worksheet


Video

What The Tooth Fairy Tells Us About The Rising Cost Of Parenting 
(Planet Money)
There’s no denying it- the price of a going baby tooth is increasing way faster than the inflation rate. Why is it such a good time to be a toothy kid? It all boils down to income elasticity of demand.                     
Resource: Discussion Activity 
 

Elasticity and Slave Redemption 
(MRU)
Slave redemption is one of the starkest examples of unintended consequences that we’ve ever heard of. It drives home the point for students that even when you’re trying to do good in the world, understanding economics, including elasticities, is crucial!

Resource: Worksheet


Shark Tank: Pogo Sticks and Purses 
(Critical Commons)
Translate the advice the sharks give to entrepreneurs into elasticity using the worksheet below.

Resource: Worksheet

The Simpson’s: Elephant Rides 
(Critical Commons)
Homer Simpson loses all of his customers because he doesn’t understand elasticity of demand.

Resource: Business revenue worksheet

Additional Resources


Multiple-choice questions


Beyonce: singer, songwriter, performer and microeconomist?
Beyonce’s song “Irreplaceable” is actually a story of two people disagreeing about elasticity. Yes, really. Hat tip to Dirk Mateer and Abby Blanco. 

Hey Professor Thaler,


Welcome back to EconInbox and another week of curated resources for teaching economics! This week: elasticity.

Copyright © 2018 Marginal Revolution University. All rights reserved.

Have resources to share?
We'd also love to hear any other comments you have!

Drop us an email at 

econinbox@mru.org
Sign up now

A weekly email of media and activities tailored to what you’re teaching.

Sign me up!
MRU Video LibraryTerms of UseHigh School Teacher ResourcesUniversity Teacher Resources

Copyright © 2018 Marginal Revolution University. All rights reserved.

Have resources to share? We'd also love to hear any other comments you have!

Drop us an email at 

econinbox@mru.org

What educators 
are saying about EconInbox

"I'm honored to say EconInbox is my best teaching assistant."

"I'm enjoying the variety of options 
EconInbox sends.  I have used both videos 
and articles on my electronic blackboard."

"I am just so happy with EconInbox. It's been such a great resource - I've used it to improve my lectures, build better reading response questions, and inspire ideas. I look forward to it every week!"

How it works

1. Sign up for EconInbox with your Principles of Microeconomics, AP Microeconomics, or High 
School Economics syllabus. 

 

2. We sync tailored resources to your syllabus schedule.

3. You receive one weekly email of resources based on what you’re teaching that week.

Check out a 
sample email!

Elasticity: Curated Media

News

Trump’s tennis ball tariff represents a grand slam of terrible tariff policy  
(Washington Post) 6/27/2019
Why is a tariff on a tennis ball not the best idea? Elasticity. Note- this resource foreshadows taxes and how elasticity relates tax burden.
Resource: 
Worksheet


Netflix is raising its prices. Here’s why. 
(New York Times) 1/15/2019
Netflix found that most users would pay a lot more for its subscription, and then lo and behold, it decided to raise its prices. Why? It’s all about elasticity. Use the latest news and the worksheet below to drive a discussion about elasticity. 

Resource: Worksheet


Why you’ll pay $1,000 for Apple’s new iPhone  
(Slate) 09/01/2017
Apple discovered its users were getting way too much consumer surplus from a $750 phone and needed to remedy that. Use the worksheet below to compare and contrast Apple’s pricing strategy from 2011 to 2017. Thanks to Emily Beam for providing this great exercise!
Resource: 
Worksheet

Massive response to sale prompts Build-A-Bear to shut down lines, offer vouchers  
(CNN) 7/12/2018
The "overwhelming" response to a sale at Build-A-Bear prompted the retailer to turn away customers waiting in long lines outside its stores. Ask your students if they can infer anything about elasticity of demand.
Resource: 
Multiple Choice Questions



Podcasts

Moonshine Stimulus
(Planet Money)
Did alcohol consumption fall during Prohibition? This episode explores what happens when a relatively inelastic good gets banned.
 
Resource: Worksheet


Video

What The Tooth Fairy Tells Us About The Rising Cost Of Parenting 
(Planet Money)
There’s no denying it- the price of a going baby tooth is increasing way faster than the inflation rate. Why is it such a good time to be a toothy kid? It all boils down to income elasticity of demand. 

Resource: Discussion Activity
 

Elasticity and Slave Redemption 
(MRU)
Slave redemption is one of the starkest examples of unintended consequences that we’ve ever heard of. It drives home the point for students that even when you’re trying to do good in the world, understanding economics, including elasticities, is crucial!

Resource: Worksheet


Shark Tank: Pogo Sticks and Purses 
(Critical Commons)
Translate the advice the sharks give to entrepreneurs into elasticity using the worksheet below.

Resource: Worksheet

The Simpson’s: Elephant Rides 
(Critical Commons)
Homer Simpson loses all of his customers because he doesn’t understand elasticity of demand.

Resource: Business revenue worksheet




Additional Resources


Multiple-choice questions


Beyonce: singer, songwriter, performer and microeconomist?
Beyonce’s song “Irreplaceable” is actually a story of two people disagreeing about elasticity. Yes, really. Hat tip to Dirk Mateer and Abby Blanco. 


Hey Professor Thaler,

Welcome back to EconInbox and another week of curated resources for teaching economics! This week: elasticity.

Sign me up!
Sign me up!