Elasticity
From the Integrating Mathematical Problem Solving project by Mathematics in Education and Industry (MEI), this activity shows how changing the price of a product changes the demand so putting the price up can reduce income. Modelling helps decision making. The mathematical ideas covered are:
• Percentage change
• Maximising a quadratic function
• Differential equations
• Tangent fields
Please note that some of the files in this resource require use of Geogebra software.
Show health and safety information
Please be aware that resources have been published on the website in the form that they were originally supplied. This means that procedures reflect general practice and standards applicable at the time resources were produced and cannot be assumed to be acceptable today. Website users are fully responsible for ensuring that any activity, including practical work, which they carry out is in accordance with current regulations related to health and safety and that an appropriate risk assessment has been carried out.
Downloads
-
Elasticity teacher notes 396.84 KB
-
PED demand - geogebra 1.93 KB
-
PED max revenue - geogebra 2.05 KB
-
Maximising revenue 20.3 KB