Peer Review

Elasticity of Demand

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Reviewed:: Mar 30, 2011 by Business

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Ratings

Overall Rating:

Content Quality:

Effectiveness:

Ease of Use:

Overview:: This PowerPoint presentation breaks the Price Elasticity of Demand formula into three parts which is then explained independently. Each of the different parts is followed by an interactive quiz whereby the student or end-user can work on by themselves or will be guided towards the correct response with another opportunity to retake the quiz. Once the formula is derived, the presentation also explains the three different interpretations of elasticity, namely inelasticity, elasticity and unit elasticity. This presentation will be effective for community college or 100-200 level bachelors’ students attending an economics course. The presentation will provide knowledge growth or refresher knowledge growth
Type of Material:: Presentation
Recommended Uses:: • This tutorial can be used in class as part of a lecture review after the Elasticity concept has been introduced. • This can also serve as a study tool when preparing for review, tests or examinations outside the classroom.
Technical Requirements:: Must have MS Office Suite 2010 or MS PowerPoint viewer installed to work properly. Note: The file is an xxx.pptx file so older versions of PowerPoint may not be able to open the presentation file.
Identify Major Learning Goals:: • The student will understand the three different components required to calculate the Price Elasticity of Demand. • The student has the opportunity to work on a followed up activity on their own as well as via a guided approach.
Target Student Population:: • Students taking Introduction to Economics at middle or high school and/or community college. • Students taking Introduction to Microeconomics or Principles of Microeconomics at community college or university level.
Prerequisite Knowledge or Skills:: Basic computer skills and foundational knowledge of economics at micro and macro levels. Basic skills on how to navigate in a PowerPoint environment if used outside of the classroom.

Content Quality

Rating:
Strengths:: • Provides learning of the Elasticity of Demand in an easy to understand example format. • Audio clapping for correct answer • “HOME” symbol returns learner to “What would you like to learn about?” • Has a “Help” segment for each of the major components. • The content is effective in breaking up the formula into three parts, what they each mean and how they are related.
Concerns:: • For the ‘Determining a Change in Demand’, both the title, the first sentence description and subsequent heading for this module use ‘change in demand’, when its ‘change in quantity demanded’ for that change in price, not the change in determinants of demand. • The answer to the ‘More Help’ bubble for the ‘Determining Elasticity’ module is incorrect --> 0.44/0.22 = 2, not 0.5 and that is elastic, not inelastic. And then, once the student clicks on this bubble, clicking on the ‘Take this Quiz’ box does not bring to the quiz, but to the beginning of the PowerPoint Slide. • Having information noted on a slide may not be most effective learning. Assumes understanding of math symbols • The slide format is run of the mill PowerPoint, could have been more attractive to the eye/visually appealing.

Potential Effectiveness as a Teaching Tool

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Strengths:: • Has the web calculator link for computing the elasticity components • Formulas were easy to read and understand • Allow the learner to jump from a “Help” session back to the mainstream of the presentation easily. • Provides quizzes for each segment and a final test. • Students with visual and kinesthetic learning styles will appreciate and understand the concept.
Concerns:: • The slide “Think about Price” has two examples that do not fit the question the House and car a $5 increase would not be material. • This sentence does not fit/make sense-- "For this example, and all of the examples in the lesson, let’s use a bottle of Gatorade sold in Mr. Tokar’s class." Who is Mr. Tokar? • Need to have some type of key that explains all of the special symbols. • Did not find an indication of what perquisite knowledge in economics would be required for this presentation

Ease of Use for Both Students and Faculty

Rating:
Strengths:: • PowerPoint is relatively easy software to use. • Identified the web calculator for use in calculating quantity, price, percentages, and elasticity. • The concept is broken down into three short modules that make the formula easy to have a handle on.
Concerns:: • The web calculator link works well, but to use the link will require the learner to minimize the calculator during the presentation. • For module to be effective, the learner will have to flip back and forth from full view to slide view to use the web calculator. During minimization the calculator is not viewable with the presentation in full “slideshow” mode. • It does not have audio, thus excluding students with auditory learning styles.

Other Issues and Comments:: The PowerPoint presentation provides the learner with an explanation of the calculation of the Elasticity of Demand. The presentation is informative and has “Help” sections for each component of the elasticity calculations. Learners will find it instructional and easy to understand. To assist the learner the presentation has a link available for the Web Calculator tool. It’s an excellent idea/concept on how to break-up difficult to understand formulae into more digestible ones.
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