TEACHING PRICE AND INCOME ELASTICITIES OF DEMAND USING EXCEL AND FEDERAL RESERVE ECONOMIC DATA
Keywords:
price elasticity of demand, FRED, EXCEL, active learning, collaborative problem-solvingAbstract
This paper describes an assignment designed for use in an undergraduate Principles of Economics course. The assignment is a pedagogical tool that encourages collaborative problem-solving and the use of recent up-to-date data from the Federal Reserve Economics Data (FRED) to compute and analyze the price and income elasticities of demand. This tool is an efficient way for undergraduate economics students to understand the price and income elasticity of demand, gain valuable experience using public datasets, and develop their computer skills without taking classes outside of the economics major.
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