Consumer demand is a concept that is vast and there are many aspects to this rather simple term ‘demand’. A crucial part of this topic is understanding the concept of elasticity of demand.
The learning objective of this curation assignment is for students to understand that the theoretical concept of elasticity of demand can be depicted graphically and also has a mathematical approach. Students will be introduced to the basic concept of elasticity and will be required to curate resources that help them understadn the following:
- Mathematical formula of elasticity of demand and the significance of these numbers.
- Graphical representation of the various degrees of elasticity.
- Theory on factors that impact elasticity of demand.
Students need to find at least one resource that helps them understand this concept of elasticity from three different angles as mentioned above – graph, numerical and factors affecting elasticity. The resources that they use should help them to:
- Describe the concept with the mathematical interpretation.
- Classify the degree of elasticity based on a range of numbers.
- Identify the degree of elasticity looking at the slope of the demand curve.
- Explain how each factor affecting the elasticity leads to the consumer being more rigid or flexible with demand.
This helps them understand and interpret the concept from different perspectives. Understanding how these perspectives interrelate and contribute to a complete understanding of elasticity goes beyond rote memorization, requiring comprehension and integration of diverse information sources. As students complete this assignment, they will be able to understand the concept from different perspectives.
Curation in teaching and learning
Curation is an effective tool and can be used in various ways:
- It can be a powerful tool for a teacher to collect and build on their teaching methodology, content, resources, games and simulation exercises. Curating this material over the years as you teach can become a rich source for the teacher to refer to and for personal growth.
- Flipped learning – curating resources for a particular topic can be used by students to study the topic on their own, outside of the classroom can be a useful way to conduct flipped learning.
- Content organization – curation allows for teachers to collect a variety of resources – reading material, videos, podcasts etc. in a chronological manner which allows for students to study in a thematic way.
Curation using Wakelet
The curation assignment described above looks like this:
The link to this page can be found here.