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Using FRED data to teach price elasticity of demand

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  • Diego Méndez-Carbajo
  • Carlos J. Asarta

Abstract

In this article, the authors discuss the use of Federal Reserve Economic Data (FRED) statistics to teach the concept of price elasticity of demand in an introduction to economics course. By using real data in its computation, they argue that instructors can create a value-adding context for illustrating and applying a foundational concept in economics. Additionally, this pedagogical strategy contributes to developing an expected proficiency for economics majors related to “interpreting and manipulating data” (Hansen 2009, 2012). The authors provide step-by-step instructions on how to use FRED to compute the price elasticity of demand for motor vehicle fuels and gasoline as well as examples of in-class discussion questions and take-home assignments related to this instructional technique.

Suggested Citation

  • Diego Méndez-Carbajo & Carlos J. Asarta, 2017. "Using FRED data to teach price elasticity of demand," The Journal of Economic Education, Taylor & Francis Journals, vol. 48(3), pages 176-185, July.
    • Handle: RePEc:taf:jeduce:v:48:y:2017:i:3:p:176-185
    DOI: 10.1080/00220485.2017.1320607
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. My favorite FRED graph: Gasoline prices and consumer expenditures : A guest post from Carlos Asarta, University of Delaware
      by ? in FRED blog on 2021-10-28 13:00:00

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    Cited by:

    1. Wolfe, Marketa Halova, 2020. "Integrating data analysis into an introductory macroeconomics course," International Review of Economics Education, Elsevier, vol. 33(C).

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