Instructor asks the class how many students would be willing to pay various prices for a specific good. Results are tabulated into a demand curve. Extensions include changing the conditions to shift the curve (e.g., would demand for a cold soda change if the day were hotter/colder).
- or larger classes, can be done with a sub-set of students as a demonstration for the rest of the class, or results can be collected with clickers.
- Salemi, Jee 2009, describes similar activity but asks students to name their price (i.e., runs an auction) for a unique good, rather than naming price and tabulating quantity. This focuses attention on reservation prices.