Week of March 7th

Assignments for the week:

For Monday: Complete Review packet AND the Farming and Inelastic Demand assignment below.

For Wednesday, March 9th: Test on Supply and Demand, Price Ceilings and Floors and Elasticity.

For Friday, March 11th: (Yes, you have work for Friday!) Complete Diamonds Are Forever assignment.

Farming and Inelastic Demand

Please go to http://www.learner.org/resources/series79.html?pop=yes&pid=354#

And click on the VOD button for program 17. You must do this off campus. Please be patient. You may need to click on it more than once, or you may get the homepage again. Just try again, and it should work. The video is 28 minutes long.

The set-up is a brief intro of the concept and then three real world examples. Each example is followed by an analysis of the issues presented by the economist Richard Gill. This one deals with the farming industry and the impact on the real world of the concept of elasticity.

For this video, answer the following questions as you watch.

1. For each of the three examples, note

a. The factual and historical details of the example.

b. What is happening in terms of supply, demand and ELASTICITY in this example.

c. What Richard Gill teaches you about the situation.