Elasticity Application

ASSIGNMENT: 20 Points

-Groups of three or four

-One group member will create and move the presentation to the shared folder. Then will give "edit" access to all team members.

-Each group should have a minimum of 7 slides.

SLIDE FORMAT:

Slide 1: Group Member names

Slides 2-7 or 8

-Relevant picture related to the concept

-Definition and formula

-How it is applied to the "real world"

Formulas to Include:

1. Price Elasticity of Demand (show examples of the four factors that affect elasticity of demand).

2. Price Elasticity of Supply

3. CROSS Price Elasticity of Demand

4. WAGE Elasticity of Labor Supply

Conclusion: A final slide that includes the reasoning and importance behind elasticity and it's value to economists.