Week 5 — Readings & Resources

Course: Principles of Microeconomics (ECON 1) · Silver Oak University (fictional sample) · Prof. Kessler
Focus: Elasticity — price, income, and cross-price · Objective 3

Everything below is a link to a free external resource — nothing is embedded, copied, or downloaded. Links were verified live at build time.

Read (≈25 min)

1. OpenStax, Principles of Microeconomics 3e — Ch. 5, "Elasticity" (§5.1 Price Elasticity of Demand & Price Elasticity of Supply; §5.2 Polar Cases; §5.3 Elasticity and Pricing; §5.4 Elasticity in Areas Other Than Price)
   https://openstax.org/details/books/principles-microeconomics-3e
   The week's core reading: midpoint formula, TR test, income and cross-price elasticity. Free to read online.

2. Khan Academy — Microeconomics → "Elasticity." Read/skim Price Elasticity of Demand; Income Elasticity of Demand; Cross Price Elasticity.
   https://www.khanacademy.org/economics-finance-domain/microeconomics
   Short worked examples with self-check practice — good drill for the midpoint formula.

Watch (≈15 min)

3. CrashCourse Economics #4 — "Elasticity of Demand." (Adriene Hill & Jacob Clifford)
   https://www.youtube.com/playlist?list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
   Episode 4 of the playlist — the TR test, determinants, and real examples. ~10 min.

4. Marginal Revolution University (MRU) — Principles of Economics: Microeconomics, "Elasticity" unit.
   https://mru.org/courses/principles-economics-microeconomics
   Tyler Cowen & Alex Tabarrok's videos on PED, the TR test, and policy applications; clear and fast.

Tools for this week (links only)

5. Desmos Graphing Calculator — plot the demand curve Qd = 120 − 10P in the Workshop and read quantity at various prices.
   https://www.desmos.com/calculator
   Free, no account needed.

6. FRED — Federal Reserve Economic Data — explore real price and quantity data for goods with different elasticities.
   https://fred.stlouisfed.org/

Why these earn the click: OpenStax Ch. 5 is the spine of the week; CrashCourse and MRU give you the same ideas in voice and motion; Khan gives self-check practice; Desmos and FRED are your tools for the Workshop and real-world exploration.