| Full lesson | Create for a teacher a set of content for giving a lesson, beginning with the lesson plan. Each new block of materials must begin with an H1 heading (other subheaders must be H2, H3, etc). When you describe required pictures, write those descriptions in curly brackets, for example: {A picture of a triangle} |
| Which subject | Economics |
| What topic | Price Elasticity of Supply |
| What length (min) | 60 |
| What age group | College |
| Class size | 1 |
| What curriculum | |
| Include full script | |
| Check previous homework | |
| Ask some students to presents their homework | |
| Add a physical break | |
| Add group activities | |
| Include homework | |
| Show correct answers | |
| Prepare slide templates | |
| Number of slides | 5 |
| Create fill-in cards for students | |
| Create creative backup tasks for unexpected moments |
Economics
Price Elasticity of Supply
College (Undergraduate)
60 minutes
1
This lesson adheres to the national curriculum standards for economics related to supply concepts and elasticity.
| Step Number | Step Title | Length | Details |
|---|---|---|---|
| 1 | Introduction to Elasticity | 10 min | Begin with a brief introduction to elasticity concepts. Explain why understanding elasticity is vital in economics. Use real-world examples. |
| 2 | Define Price Elasticity of Supply | 10 min | Define price elasticity of supply. Discuss its significance and how it can vary based on different market conditions. |
| 3 | Formula and Calculation | 15 min | Present the formula for calculating price elasticity of supply (PES). Work through an example problem step-by-step. |
| 4 | Factors Affecting PES | 10 min | Discuss the various factors that influence price elasticity of supply, including time frame, availability of inputs, and production capacity. |
| 5 | Case Studies and Examples | 10 min | Provide case studies or real-world examples where price elasticity of supply plays a critical role, encouraging the student to think critically about the implications. |
| 6 | Summary and Questions | 5 min | Recap the key points covered in the lesson and address any questions the student might have about the concepts discussed. |
| 7 | Homework Assignment | 5 min | Assign homework that requires the student to calculate PES for different scenarios, and explain the reasoning behind the outcomes. Inform the student that homework will be checked without presentations. |
Note: This lesson plan can be adjusted based on the student's progress and understanding of the concepts. Always be ready to provide additional examples or brief quizzes if necessary to assess comprehension.