Our Year 11 Economic/Options group have been learning about ‘Price Elasticity of Demand‘ which measures the responsiveness to a change in the quantity demanded for a good to a change in price. They decided to carry out an experiment to see if this works in reality, whilst raising money for the Letchworth Foodbank.
The experiment took place over three weeks at little break by selling crisps: week 1 they set the price high, then reduced the price by 50p for the following two weeks.
The experiment was successful and proved the theory! Week 1: 25 packets of crisps sold; Week 2: 38 packets sold; and Week 3: 83 packets sold – raising a total of £106.00 for Letchworth Foodbank.
