Introduction
NB: These pictures along with the graphs are self-explaining as to what the Introduction of this lesson is about and should any learner seek clarity please let me know of any, as we will continue in depth of the topic. Dynamics of Markets; Price elasticity.
Title: Dynamics of Markets
Description: This Web quest is made or designed for learners to better understand the lesson of the newly introduced topic, dynamics of markets; price elasticity so as to understand how price is determined along with quantity.
Grade: 11
Curriculum: Economics
Task
Figure: A Figure: B
In this activity you as a learner will be required to create a table and make use of the difference between total utility and marginal utility, thus before doing that you are then required to make a research on the definition of what is a marginal utility and total utility before attempting the work. The work needs to be presented in a word document and make use of the correct details when making the cover page with the name and surname and class you in. And do not forget to capture the topic: Dynamics of Markets; price elasticity when doing your work.
Process
1. Learners go through the prescribed website/video that will better make you understand the concept of Dynamics of markets; price elasticity under the content of marginal marginal utility.
2. Create a scenario wherein you give yourselves numbers in order to further understand the topic more in depth.
3. Lastly I will give you a homework to work out based on this as well through a link that is.
Resources
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Evaluation
Conclusion
References
Li, X. & Hsee, C. K., 2021. The Psychology of Marginal Utility. Journal of Consumer Research, pp. 64-90.
Welker, J., 2017. The Economics Classroom. [Online]
Available at: www.econclassroom.com
[Accessed 24 May 2021].
Academy, K., 2012. Economics. [Online]
Available at: https://www.youtube.com/redirect?event=video_description&redir_token=QU…
[Accessed 23 January 2021].
Teacher Page
Focus:
This Web Quest focuses on the topic; dynamics of markets, price elasticity. And it is therefore, given as a Class Based Assessment. As this assessment seeks to broaden learners minds about the price elasticity and how marginal utility is calculated and used.
Objectives:
Upon the completion of this Web Quest, learners will be able to:
- Know the meaning of Marginal utility.
- Differentiate the difference between total and marginal utility.
- Explain price elasticity of demand.
- Explain price elasticity of supply.
- Develop the relationship between marginal utility and total utility.
Duration:
This Web Quest can be completed in 2 weeks.