YOU CAN FIND THIS WEB PAGE:   

The Internet Explorer link to the final link on this page is:

http://fpwww.ph.vccs.edu/eco/202w1/ElasticityAnActiveLearningGame.htm

You can discover my teaching style by  clicking and reading my Synthesis.

This web page is created by me,  Tom Meyer.

I want to give credit to Professor G. Knowles of the University of Wisconsin at LaCrosse for his course in Microeconomics and Public Policy for the three tasks for E-Speakers found among the links which follow.

Thanks for inviting me to Chesapeake! 
I look forward to presenting an Active Learning Game to you!

OVERVIEW:

Meet the instructor
Interview Q and A
Active Learning Game
Solutions

 Tom Meyer

Table of Links  (Click the number!)

Friday, March 17, 2006
Room 188
2-3 PM

Dear Faculty Search Committee Members,

Thank you for inviting me to the Chesapeake Campus of Tidewater Community College!

I bring you an active learning game between the Chessies and the E-Speaks dealing with Elasticity of Demand - using data and persons from the real world.  (Get it?  Chessie - Speak)

The Chessies are the non-economists in the audience.  The E-Speakers are the economics faculty members.

Each team should practice working together to find answers to real world problems.  The difference in talent level is recognized, such that E-Speakers have harder problems to work.

There may be some singing and dancing or shouting going on by the other team, but do not become unnerved.  You need spend no more than 3 minutes on each task.  Seek a group solution.  Have fun with your tasks.  We can analyze results when you have finished playing. 

Ask me for help whenever you require it!  Good luck!  Make friends, and remember, "Love for Econ Springs Eternal!"

   Tom Meyer

Tom Meyer - A man with the golden shovel

Elasticity… An Important Tool in the Economist’s Toolkit! 

INTRODUCTION 

Elasticity of Demand is an important method used by economists to measure the responsiveness of quantity demanded when prices rise, fall, or remain the same in  marketplaces (places where any commodity or service is bought or sold).   

“E-sub-D” (meaning Elasticity of Demand) is a pure number.  Every commodity or service bought or sold in the marketplaces has its own unique E-sub-D, if someone has taken the time to calculate it.  The person who measures these things is called an econometrician.  (Think of her or him as an Econo-Magician!) 

E-sub-D is either greater than the number 1, less than the number 1, or equal to the number 1, for every single commodity or service sold in a market place governed by the laws of supply and demand.  Here are the rules for using E-sub-D in these three cases:

Measurable Learning Outcomes
 

Learn to apply the following rules!

Rule #1 – the case of Unitary Elasticity of Demand for a product or service  

When E-sub-D is a number equal to one, demand is said to be “ of unitary elasticity.  A price change would do damage to total revenues.”  A merchant should not change the price of such an item because total revenues are already at their highest possible value.

Rule #2 – the case of Inelastic Demand for a product or service 

When E-sub-D is a number less than one, demand is said to be “inelastic or non-responsive to a price change.”  A merchant should raise the price of such an item and total revenues will rise. 

Rule #3 – the case of Elastic Demand for a product or service 

When E-sub-D is a number greater than one, demand is said to be “elastic or responsive to a price change.”  A merchant should lower the price of such an item and total revenues will rise.

An Active Learning Game Called Chesapeake (Chess – E- Speak) 

The responsibility for the success of today’s games rests in the hands of two teams called The Chessie’s (or non-economists) and The E-Speaks (or economists). 

Each team member is given the same real world problems regarding Elasticity of Demand to solve.  But team members should work cooperatively to produce one set of answers agreed upon by all. 

Different competencies are recognized and rewarded between the two teams. 

Each time you reach a successful outcome, the Chessie team  is to stop immediately, stand up,  join your left hands into a pinwheel, hold the music in your right hand, and march in a counterclockwise direction while singing the following melodies taken from “Four and Twenty BlackBirds.”  

All Chesies will now rise, form the pinwheel, and practice the successful outcome ceremony by singing this practice verse in harmony: 

“We are four and twenty blackbirds baked into a pie,
We circled round our mother, and we began to cry,
She knew that all we needed, was her touch to help us try,
And she helped us leave the nest, and we all began to fly!” 

Every E-Speaker will now rise, but form a pinwheel using your right hands.  Hold your music in your left hand, and prepare to march in the clockwise direction while chanting this practice verse in wondrous harmony: 

Hicory, dicory doc.  Economists raced the clock.
The clock struck one, and he was done, Hicory, dicory doc.  

If Tom were number two!  We’d learn to give it our best.
For every price, for every taste, we solve it  that’s our quest. 

Ceteris paribus all, we circle round this hall,
We teach, we preach, we prophesy,
We empathize with thee. 

The leader of each team will now distribute problem-solving sets to each of her or his team members.  You have ten minutes to get as far into your respective real world problem sets, appropriate to your experience level, as is possible.  See if you can complete your problem set before the other team does. 

We regroup and consider what we have been asked to learn for the remainder of our session.   Enjoy your work together! 

You may ask for help from the instructor at any time!  But the responsibility in an active learning game really rests with you. 

E-Speak Verses (chanted solemnly) 

After completing task #1:
“Hoopla, Hoopla, we are done!  We have finished #1.
On to number 2 we go, we intend to steal the show.
Together we will do our best, we come to class and work with zest!” 

After completing task #2:
“Hoopla, Hoopla, we are through!  We have finished #2.
Now we’ll tackle number 3, we’ll pull together as you can see.
Reading, listening, noting all, we shall soon be stand tall.” 

After completing task #3:
“Hoopla, Hoopla, this was fun.  We are very nearly done.
Together we have found our way.  Therefore we are here to say
Tom’s our colonel, for whom ‘Love 4 econ Springs Eternal!’ ” 

After completing task #4:
“Another team un-drilled may be, so practice replaces the un-skilled you see.
Truth is finding fact from fiction, Thinking, speaking, with good diction.
Love 4 Econ Springs Eternal, This we learned from Tom our colonel.”

Chessie Verses (sung to Four and Twenty Black Birds)

After completing task #1:
“Four and twenty blackbirds baked in a pie,
We sung our cries together and we have learned to fly! 

When demand is unitary there’s nothing left to do or say,
Should you change the price a penny, from your own revenues you’ll have to pay.

Number 1 is done; Let’s go on to number 2.
We’ll all stick together like a patch of glue.”

After completing task #2:
“Four and twenty blackbirds baked in a pie,
We have done our homework, and we have learned to try!

Demand was inelastic, there’s something we must try!
Raise the price; compute the revenues, watch them soar to an all new high. 

Number 2 is over, let’s go on to Number 3
Cooperation really helps us out, as you can plainly see.” 

After completing task #3:
“Four and twenty blackbirds baked in a pie,
To determine how to boost our revenues to some new all-time high. 

Our demand was now elastic, time to lower the price!
And we find that total revenue has risen after selling the final slice. 

Knowing that our rules teach us what’s to be done,
If E-sub-D is greater than one, lowering price is quite some fun!”

After completing task #4:

“Four and twenty blackbirds baked in a pie,
We sung our cries together and we have learned to fly!
We learned to trust each other, and to love econ it’s true,
For econ gave us rules which have told us what to do.
When E-sub-D equals one, tell your neighbor on the phone.
Total revenue’s reached its peak, we’ll leave the price alone.

When E-sub-D is less than one, it’s time to light the fire!
Raise the price and you shall see the total revenue run higher.

When E-sub-D is greater than one, be certain to lower the price,
The total revenue climbs with the sale of each and every slice.”

Three Chessie Problems 

Mr. Meyer will draw a diagram on the board (or give you a paper copy of the graph with these problems in a booklet).  The vertical axis shows the price of a slice of pizza.  The horizontal axis shows the number of slices of pizza customers are willing and able to buy.

The diagonal line connects the price of pizza with the quantities customers are willing and able to buy.  Each point along this diagonal is a unique combination of price and quantity demanded.  When we multiply the price and quantity demanded for each point, we arrive at the total revenue collected by the merchant.  The merchant can also plot the total revenue above the respective quantities of pizza on the same graph. 

Starting at the lower right-hand corner of the diagram and moving in a counter-clockwise direction, each end point (and the mid-point of the diagonal) are represented by a sequential capital letter.    Then the midpoints of each of these line segments are also labeled by the next letter in the alphabet. 

Appoint a time-keeper.  See if you can complete each task in less than three minutes.

  Here is Chessie task #1: 

Step 1:  Using markers, drop a vertical line to the horizontal axis from point B.
Step 2:  Technically speaking, the elasticity of demand at point B equals line segment AB divided by line segment BC, but those results are also proportionally equal to line segment AE divided by line segment DE.
Step 3:  How long is AE?                    Answer: 12 = 6 = _____
Step 4.  How long is DE?                    Answer:   6 - 0 = _____
Step 5.  What is AE divided by DE?   Answer:  (Step 3) / (Step 4) = _____
Step 6.  If the number you calculated is “1,”  yell out “Demand is of unitary elasticity and total revenue is maximized!"  If not, ask the instructor for help.
Step 7.  Prove that by multiplying the price times the quantity demanded for each point and by calculating the result called total revenues in the chart below and by plotting the total revenue for each quantity demanded on the graph on the board.  Ask the instructor for help if necessary, and to check your work.

Price        X     Quantity Demanded       =      Total Revenue Dollars

$1.00                      0                                       ____________

    .75                      3                                       ____________

    .50                      6                                       ____________

    .25                      9                                       ____________

    .00                     12                                      ____________

Congratulations Chessies!  You have solved problem #1 correctly.  Pick up your song sheet, join hands and sing the appropriate verse.  Then go on to the next problem.

 Here is Chessie task #2:  

Imagine that point F bisects line segment AB and that F represents the price of a slice of pizza. 

Step 1:  Using markers, drop a vertical line to the horizontal axis from point F, connecting it to point L.
Step 2:  Technically speaking, the elasticity of demand at point F equals line segment AF divided by line segment FC, that is,  (AF/FC)
but those results are also proportionally equal to line segment AL
divided by line segment LD, that is, (AL/LD).
Step 3:  How long is AL?                    Answer: 12 - 9 = ____
Step 4.  How long is LD?                    Answer:  9 - 0 = ____
Step 5.  What is AL divided by AD?   Answer: (Step 3) / (Step 4) = _____
Step 6.  If the number you calculated is “less than 1,”  yell out “Demand is inelastic and total revenue will be increased if we raise the price of a slice of pizza!" 
(If not, ask the instructor for help.)
Step 7.  Prove that by multiplying the price times the quantity demanded for each point and by calculating the result called total revenues in the chart below and by plotting the total revenue for each quantity demanded on the graph on the board.  Ask the instructor for help if necessary, and to check your work.

Price        X     Quantity Demanded       =      Total Revenue  Dollars

$1.00                      0                                       ____________

    .75                      3                                       ____________

    .50                      6                                       ____________

    .25                      9                                       ____________

    .00                     12                                      ____________

Congratulations Chessies!  You have solved problem #2 correctly.  Pick up your song sheet, join hands and sing the appropriate verse.  Then go on to the next problem.

 Here is Chessie task #3: 

Imagine that point G bisects line segment BC and that G represents the price of a slice of pizza. 

Step 1:  Using markers, drop a vertical line to the horizontal axis from point G, connecting it to point K.
Step 2:  Technically speaking, the elasticity of demand at point G equals line segment AG divided by line segment GC, that is, (AG/GC)
but those results are also proportionally equal to line segment AK divided by line segment KD, that is (AK/KD).
Step 3:  How long is AK?                    Answer: 12 - 3 = ________
Step 4.  How long is KD?                    Answer: 3 - 0 = _______
Step 5.  What is AK divided by KD?   Answer: (Step 3) / (Step 4) = _____
Step 6.  If the number you calculated is “greater than 1,”  yell out “Demand is Elastic and total revenue will be increased if we lower the price of a slice of pizza.” 
If not, ask the instructor for help.
Step 7.  Prove that by multiplying the price times the quantity demanded for each point and by calculating the result called total revenues in the chart below and by plotting the total revenue for each quantity demanded on the graph on the board.  Ask the instructor for help if necessary, and to check your work.

Price        X     Quantity Demanded       =      Total Revenue Dollars

$1.00                      0                                       ____________

    .75                      3                                       ____________

    .50                      6                                       ____________

    .25                      9                                       ____________

    .00                     12                                      ____________

Congratulations Chessies!  You have solved problem #3 correctly.  Pick up your song sheet, join hands and sing the appropriate verse.  Then go on to the synthesis, or to the  next problem as directed by your instructor.

 ________________________________________________________________________


                                   

Three Problems for E-Speakers

Appoint a time-keeper.  Spend no more than 3 minutes on each task if possible.  Ask your instructor for help if you need it. 

 Task #1 for E-Speakers:  

Step 1:  Read the following article that appeared in the St. Paul Pioneer on 12/12/91, regarding data on Wisconsin deer licences for 1990 and 1991. 

Wisconsin raised fee to $18, sold 50,000 fewer deer licenses 
(Associated Press: Madison, WI) 

The state of Wisconsin sold about 50,000 fewer deer licenses this fall but collected about $4 million more in fees than a year ago because the licenses cost more, the Department of Natural Resources says.

”The drop in license sales, from 700,000 to 650,000, reflects deer hunter backlash to raising the gun license from $15.35 to $18,” said  Ronald Semman, administrator of the DNR’s Office of Planning and Analysis.

”We always have that when we increase fees,” he said.  “There’s always a rebound, generally the following year.”

Step 2:  Using the numbers given, fill-in the prices, quantities, and total revnue.
Use the total revenue test to determine if deer licenses were elastic, inelastic, or of unitary elasticity.
 

Demand for deer licenses is characterized as ________________.

Step 3:  Calculate the elasticity of demand using either the midpoint formula or the natural logarithm formula. (Use one method or the other.) 

Step 4:  Considering the determinants of elasticity of demand below, which in your opinion provide an explanation for the elasticity that you derived?

A.  availability of substitutes
B.  proportion of the budget spend on the good or service
C.  the length of time.

Congratulations E-Speakers!  You have solved problem #1 correctly.  Pick up your song sheet, join hands and chant the appropriate verse.  Then go on to the next problem.

 Task #2 for E-Speakers: 

Step 1:  Read the following summary of  “Lower-priced PCs Drove Strong Sales for Holiday Month,” The Wall Street Journal, by Gary McWilliams, January 8, 1999. 

Nearly half of U.S. households now own a PC, yet December 1998 turned out to be a strong sales period for computer retailers.  Unit sales rose 41 percent. 
Average prices fell by 20 percent to barely more than $1,000 as computer manufacturers increased their production of sub-$1,000 home-PC models to satisfy the demand for less affluent households.

The fortunes of different retailers varied.  Best Buy and Circuit City saw double-digit gains in revenue, but Comp USA and Tandy, which did not focus on low-priced PCs, saw slower growth.

Step 2:  Using the information given, calculate the price elasticity of demand in the PC market.

E-sub-D = ______________ 

Step 3:  Answer the following questions.

1.  Does the value indicate that demand is price elastic or price inelastic?
Answer:  Demand is _____________________.

2.  Given the elasticity and the fact that prices fell, what happened to the total revenue in the market for PCs?
Answer:   __________________

Congratulations E-Speakers!  You have solved problem #2 correctly.  Pick up your song sheet, join hands and chant the appropriate verse.  Then go on to the next problem. 

 Task #3 for E-Speakers:  

Step 1:  Read the following case study by Schiller, The Micro Economy Today, 6^th edition. 

“Like many local governments, the District of Columbia is perennially short of revenues.  In an effort t to rais additional revenue, Mayor Marion Barry of Washington, D. C., decided in early 1980 to increase the city’s tax on gasoline.  On August 6, 1980, the city government raised the gas tax…  The higher tax raised the retail price of gasoline by 8 cents, to $1.60 per gallon.” 

“The mayor and city council thought the higher gas tax would be an easy way to increase city revenue.  Unfortunately, the District’s projections were grossly in error.  In August 1980, gasoline sales in the nation’s capital fell from 16 million gallons per month to only 11 million.  Ten gas stations closed down, and more than 300 service-station workers were laid off.”

Step 2:  Fill-in the chart  below about gasoline sales in Washington, D.C.:

Step 3:  Answer the following questions:

1. From the relationship between Total Revenue and Price Elasticity of Demand (together with the total revenue calculations above), would you conclude that demand for “gas in DC” is price elastic or price inelastic?
   Conclusion: Gas in D.C. appears to be __________________.

   2.  Now calculate the price elasticity of demand for “gasoline in D.C.”
           Answer:   E-sub-D calculates to ___________________. 

3.  Use what you know about the determinants of price elasticity (such as A, B, and C in task #1) to explain the price elasticity of demand which you calculated.
   __________________________________________________________________
   __________________________________________________________________
   __________________________________________________________________
4. Briefly explain why this tax increase did not give policy makers the result they hope for.  What was the error in their thinking?  (Remember , the good here is defined as “the gasoline within Washington, D.C.)
   ______________________________________________________________________________________________________________________________________________________________________________________________________

Congratulations E-Speakers!  You have solved problem #3 correctly.  Pick up your song sheet, join hands and sing the appropriate verse.  Then go on to the synthesis, or to the  next problem as directed by your instructor.

Synthesis 

Dear Colleagues and Friends of Mine in Education,

My teaching style makes intensive use of these six characteristics:

1.  Empathic Teaching Recognizes Different Learning Styles and Capabilities
Many students have initial difficulties with graphics (as the Chessies may have experienced) and many more students bring a lingering fear of problem solving into the classroom with them.  The E-Speakers might have frightened the more timid students, and were therefore given tasks commensurate with their level of experience. 

2.  Advantages of Cooperative Learning
Cooperative learning introduces students to shared, inter-dependent problem solving. 
Cooperative learning prepares students to work on team projects as is expected by many employers in today’s business world.
Cooperative learning can help dilute the risk of failure, provide supportive roles, and build solidarity, confidence, and  self-esteem through relational  experiences.  

3.  Incentivising the Learning Community
Every one likes to be rewarded.   Learning should provide its own incentive so that it leads to further stimulation and interest in higher levels of learning.  While the verses might have been fun to sing, and provided some psychological reward internal to each team, they also had a more subtle purpose.   The verses were written to show the other team that real progress was being made.   It was as though there were two learning levels that were valid, and I intended that each team member silently ask him or herself if he or she were really capable of, and now becoming more interested in the level of learning being accomplished on the other team.

4.  Measurable Learning Outcomes
Achievement is best documented by use of measurable learning outcomes. None of my lesson plans contain more than three measurable learning outcomes.  Students progress satisfactorily when they know how much they've learned, and when they know what skills they have yet to master.

5.  Use of Real World Examples
Education is self-reinforcing when it helps explain, improve control of, and prophesy about the real world.  Theory that is not usefully employed fails to inculcate a love for learning.  So this we learn from Tom our colonel, “Love for Econ Springs Eternal!”

6.  Globalizing the economy, and creating empathy for foreign cultures
The shrinking globe (via rapid communications) creates the need to see that foreign cultures require our respect.  China, Russia, Japan, and India now each create as many engineers as we do in the United States.  The German people attend school 51 more days per year than we do.  The Japanese study even more intensively than that!  We will not be competitive unless we train our students (human capital), harness our strength in technology (material capital), and utilize the strength resulting from the sheer size of our free market economy to create a universally level playing field.

Two years ago, I wrote a graduate studies paper about "Internationalizing Education" and Tidewater Community College was one of the colleges I cited as a pillar of strength in that endeavor.  I therefore hope and look forward to working with your dynamic instructor force!

At this point in my career, I believe in putting personal achievement ahead of personal security.  It is worth more to me to "dance into class" each day, than it is to earn a paycheck.  I want an audience that can be receptive to ideas that loom large on our national agenda.  For these reasons, I seek and embrace the wider world, with all its challenges.

Thank you for inviting me to Tidewater Community College on the Chesapeake Campus!  It was lots of fun to meet and interact with each of you. 

    Tom Meyer

Tom Meyer - A man with the golden shovel

 The Fourth Task 

Here is the same problem for both Chessies and E-Speakers. 

For the Chessies:
What direction should price take (be raised, lowered, or remain about the same) if the seller wishes to maximize total revenue in each of the following real world markets for which these elasticities of demand have been published? 

For the E-speakers:

Given that the availability of substitutes, the proportion of one’s income spent on the item, and the passage of time all influence elasticity, which factor may best explain the nature of the coefficient in each example. 

(The more substitutes there are for a good, the greater is its elasticity.)
(The greater the price for a good relative to one’s income, the greater is its elasticity.)
(The greater the passage of time, the greater is a good’s elasticity.) 

 Case #1.

            Good or Service            Elasticity of Demand

Fresh vegetables : Tomatoes                4.6                    

                              Peas                   2.8

Canned vegetable: Tomatoes               2.5
                               Peas                  1.6

(Circle the correct answer)
With the previous goods, econometricians tell us that to maximize total revenue we should
A. Raise the price;
B. Lower the price;
C. Hold the price constant

Case #2: 

Good or Service            Elasticity of Demand

Radio and TV                                   1.2
China and Tableware                         1.1

(Circle the correct answer)
With the previous goods, econometricians tell us that to maximize total revenue we should
A. Raise the price;
B. Lower the price;
C. Hold the price constant

Case #3:

        Good or Service            Elasticity of Demand 

Physician’s services                       .6
Legal services                               .5
Kitchen appliances                         .6

Gas and oil in the long run             .5
Gas and oil in the short run            .2
Jewlery and watches                      .4

(Circle the correct answer)
With the previous goods, econometricians tell us that to maximize total revenue we should
A. Raise the price;
B. Lower the price;
C. Hold the price constant

Tantalizers – (Follow-on Problems) 

Here is an interesting set suggesting that for luxury items, and with time to shop for substitutes, elasticities can change!

Airline travel in the short run         .06
Airline travel in  the long run       2.40

Foreign travel in the short run        .70
Foreign travel in the long run        4.00

Demand for JP-4 fuel
by fighter pilots in
Southeast Asia conflict                0.00  (inelastic, a necessity, with no substitutes
                                                           and not responsive to price)

From Paul T. Heyne of Southern Methodist University

Characterize the market as having elastic or inelastic demand based upon the following real world statements:

1.  People won’t buy much more, no matter how far we cut the price.

(Clue – Draw a very steep demand curve, change the price and note the response in quantity demanded.)

2.  This is a competitive business.  We’d lose half our customers if we raised prices by as little as 2 per cent! 

(Clue – Draw a nearly horizontal demand curve, and note what happens to quantity  demanded and to price when the quantity demanded is halved.)

3.  Tuition receipts would increase it they lowered the price of a credit hour by 20%.

(Clue – This question requires that you create the correct relation between the total-revenue and the price of a credit hour.) 

4. It’s odd but wheat farmers make more money if the burn one-quarter of the crop.

(Clue – Use a steep demand curve and reduce the quantity by 25%, and note what happens to the product of price and quantity demanded.) 

5. Therefore, wheat farmers should burn ½ of the crop! 
   (Be careful, you may pass the point on the demand curve that possesses unitary elasticity!)

From Tom Meyer of Patrick Henry Community College

In Martinsville, I eat lunch at Subway.  Across the street is one of two Valero gas stations.  They are only one block apart, on the same side of the road.  One gas station consistently sells gas for one penny less than the other.   

1.  Do you think some customers are price-sensitive enough to purchase their gas one block further down the road?  Are there other customers for whom a penny per gallon seems not to make a difference?

2.  Given the different prices occurring and the quantities of gas pumped, could you calculate the price elasticity of demand? 

These gas stations tend to be the price leaders Martinsville – Collinsville neighborhoods. 

3. Do you think that the owners of Valero may be cognizant of the difference in total revenues, and willing and able to follow the rules:
   
   Lower price when demand is elastic;
   Raise price when demand is inelastic;
   Keep the price the same when demand is of unitary elasticity?
   
   If your answers to each of these questions is yes, you are beginning to think like an economist!

One More Tantalizer From Tom Meyer: 

Examine the following columns of numbers.  Notice that in each case
quantity demanded increases when price declines, which is consistent with the law of demand.

Multiply the price times the quantity demanded placing the result in the total revenue column.  Check your answers 

                  Case I 

Price       Quantity     Total Revenue       Answers

20            10               ___________         200

18            12               ___________         216

16            15               ___________         240

14            20               ___________         280

                    Case II 

Price       Quantity     Total Revenue       Answers

20            10               ___________         200

18            11               ___________         198

16            12               ___________         192

14            13               ___________         182 

                    Case III 

Price       Quantity     Total Revenue      Answers

20             10              ___________         200

18             11 1/9        ___________         200                             

16             12 ½          ___________         200

14             14 2/7        ___________         200

Which cases demonstrates Elastic Demand, (E-sub-D greater than 1)?
Which cases demonstrates Inelastic Demand, (E-sub-D less than 1)?
Which cases demonstrates Unitary Elasticity of Demand, (E-sub-D equal to 1)? 

(Hint: Use the total revenue test to find your answer.  If you have never heard of the total revenue test for elasticity, ask someone in class who has.)

Thanks for inviting me to Chesapeake! 
I look forward to working with you again!

Tom Meyer

CONCLUSION

Meet the instructor
Interview Q and A
Active Learning Game
Solutions

TCC Swings!