Abstract:
The purpose of this paper is to illustrate the use of experimental economics to reinforce selected concepts related to teaching the topic of consumer demand. The technique of experimental economics holds appeal for demonstrating the application of economic theory through student participation. The experiment described in this paper provides a classroom opportunity for the discussion of principles and concepts related to consumer demand. The results of the experiment were used both to introduce and reinforce concepts related to consumer demand including: the ceteris paribus assumption, individual vs. market demands, law of demand, direct price elasticity, nonprice determinants, and consumer surplus.
Keywords:
economics, classroom, consumer demand
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