SHS3 Economics · Semester 1 Week 14: Supply of Goods and Services

Lesson notes

Learning Objectives

Indicator: 3.2.2.LI.1 - Calculate Elasticity of Supply.

By the end of the lesson, learners can:

Define elasticity of supply as the degree of responsiveness of quantity supplied to a change in price.
Apply the formula for calculating elasticity of supply (percentage change in quantity supplied divided by percentage change in price) to given data.
Compute the coefficient of elasticity of supply for various goods using the midpoint and simple percentage methods.
Interpret the calculated coefficient to classify supply as elastic, inelastic, unitary elastic, perfectly elastic, or perfectly inelastic.
Work collaboratively in mixed-ability groups to solve elasticity problems and present their findings using digital tools such as PowerPoint.

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Curriculum details

Strand: Firms' Innovative Decision Making (Strand 2)
Sub-strand: Supply of Goods and Services (2.2)
Content standard: 3.2.2.CS.1 - Demonstrate knowledge of Elasticity of Supply. 3.2.2.LO.1 Explain elasticity and its importance.
Indicator: 3.2.2.LI.1 - Calculate Elasticity of Supply.
Suggested placement: Semester 1, Week 14 (Week 14 of the year)
Our suggestion, laid out in curriculum order across three terms of twelve weeks. NaCCA does not fix the week, so follow your school's scheme of learning.
Curriculum reference: NaCCA curriculum document, p. 103

Exemplars (from the NaCCA curriculum)

Group Work/Collaborative Learning: Work in mixed ability groups to calculate elasticity of supply and factors affecting elasticity of supply. Present your work using PowerPoint. Respect individuals from different backgrounds by working collaboratively. Learners learn to be content with their individual and group strengths.
Assessment (3.2.2.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 2 Skills of conceptual understanding; Level 3 Strategic reasoning; Level 4 Extended critical thinking and reasoning.
Teaching and Learning Resources:
- Pen
- Exercise books
- Computer
- Projectors
- Markers
- White board
- ICT Lab