Micro

Elasticity of Water

The Kahoot provides an interesting example of the price elasticity of demand for water. Students are given enough information to calculate the price elasticity using the midpoint method.  Since the coefficient is negative and between 0 and -1, the price elasticity of demand in inelastic – that is the correct answer. However, many students object, stating that they would never pay $5 for bottled water (their demand in elastic), to which you should respond, “It’s the Hilton, as long as bottled water drinkers value the convenience more that then extra price they pay, their demand is inelastic. Don’t confuse what you would do with what others decide to do.”

Course Used: Principles of Micro
Quiz Nature: Discussion starter
Question Length: 1
Estimated Time to Play: 3-5 minutes with explanation.

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Macro, Micro

Shifts vs Movement of Demand

Understanding the difference between a change in demand and a change in the quantity demanded is crucial to success in any principles course. This question will stump many of your students but not all. Pro tip: once the correct answer is revealed, ask one of your students to explain the answer!

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 1
Estimated Time to Play: 15-20 minutes.

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Macro, Micro

Exam 1 Review — Introductory Material

This review from the University of San Diego covers foundations, comparative advantage, the PPF, and supply and demand.

Course Used: Principles of Micro
Quiz Nature: Exam Review
Question Length: 8
Estimated Time to Play: 12-15 minutes.

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Micro

Elastic Demand

The question is designed to test your students intuition for which goods have elastic or inelastic demand. By utilizing the three primary determinants of demand (number of substitutes, the share of the budget spent on the good, and the time frame for making a decision) you can explain why three answers are wrong and one is correct.

Course Used: Principles of Micro
Quiz Nature: Discussion starter
Question Length: 1
Estimated Time to Play: Anywhere from 2 to 5 minutes depending on how much follow-up is needed.

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Micro

Elasticity and Taxes

This assessment question has two layers. First to answer the question correctly, the student must understand elasticity. Second, the student must understand that the tax burden is a function of the interplay between the price elasticity of demand and the price elasticity of supply. Unless your students are well-prepared and already understand this concept well, it is a good idea to illustrate the correct answer graphically to reinforce understanding.

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 1
Estimated Time to Play: Anywhere from 2 to 10 minutes depending on how much follow-up is needed.

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Micro

Exam 2 Review

This review from the University of San Diego covers elasticity, price controls, deadweight loss and taxation, and externalities and public goods.

Course Used: Principles of Micro
Quiz Nature: Exam Review
Question Length: 10
Estimated Time to Play: 15-20 minutes.

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