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.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
By making research freely available, we help support the greater global exchange of knowledge. There are no article submission or processing charges. Each journal volume is preserved via the Walker Library's three level preservation methods including local and cloud storage. The author(s) retains/retain the copyright to the work, but grants the Journal the right to publish, display, and distribute the work in print and electronic format. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons CC BY-NC-ND 4.0 license that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal. For more information on this license go to https://creativecommons.org/licenses/by-nc-nd/4.0.
