AP Microeconomics-Spring Semester (Period 3) Assignments
- Instructor
- Wayne Knutson
- Term
- School Year 2010-2011
- Department
- Social Studies
- Location
- 201
Upcoming Assignments
No upcoming assignments.
Past Assignments
Due:
Assignment
Agenda for May 16 – 20
Mon., 5/16
Topic: Final Exam
Agenda:
1. Final Exam-Part 1—38 M/C Questions
2. Handout—Semester Project Handout
Tues., 5/17
Topic: Senior Seminar
Agenda:
1. Senior Seminar
Wed., 5/18
Topic: Senior Seminar
Agenda:
1. Senior Seminar
Thurs., 5/19—regular classes start at 10:20 am
Topic: Final Exam
Agenda:
1. Final Exam-Part II-39-59 M/C Qs
Fri., 5/20
Topic: Final Exam
Agenda:
1. Final Exam-Part III—60-100 M/C Questions
Mon., 5/16
Topic: Final Exam
Agenda:
1. Final Exam-Part 1—38 M/C Questions
2. Handout—Semester Project Handout
Tues., 5/17
Topic: Senior Seminar
Agenda:
1. Senior Seminar
Wed., 5/18
Topic: Senior Seminar
Agenda:
1. Senior Seminar
Thurs., 5/19—regular classes start at 10:20 am
Topic: Final Exam
Agenda:
1. Final Exam-Part II-39-59 M/C Qs
Fri., 5/20
Topic: Final Exam
Agenda:
1. Final Exam-Part III—60-100 M/C Questions
Due:
Assignment
Agenda for May 2 - 13
All Days: May 2 -13
Topic: AP Exam Prep
Agenda:
1. AP Exam Prep.
All Days: May 2 -13
Topic: AP Exam Prep
Agenda:
1. AP Exam Prep.
Due:
Assignment
Agenda for April 25 - 29
Mon. 4//25
Topic: Exam--Trade & Currency Exchange Exam
Agenda:
1. Exam
Tues. 4/26
Topic: Study Materials—AP Review Items
Agenda
1. Materials Handout
Wed. 4/27
AP Study
Thurs. 4/28
AP Study
Fri. 4/29
AP Study
Mon. 4//25
Topic: Exam--Trade & Currency Exchange Exam
Agenda:
1. Exam
Tues. 4/26
Topic: Study Materials—AP Review Items
Agenda
1. Materials Handout
Wed. 4/27
AP Study
Thurs. 4/28
AP Study
Fri. 4/29
AP Study
Due:
Assignment
Mon. 4/18
Topic: Tariffs & Currency Exchange
Agenda:
1. First 5-6 questions from worksheet on whiteboard.
2. Lecture: Trade Barriers—arguments for and against.
3. Trade Barriers—what do they do—on white board.
4. Assignment: 17: 448-58; 18: 473-82; Download Unit 6 Study Guide-Trade & Currency
Tues., 4/19
Topic: Tariffs & Currency Exchange
Agenda:
1. Lecture: Trade Barriers—arguments for and against.
Wed., 4/20—Late, Late Start
Topic: Trade & Currency Exchange
Agenda:
1. Trade Barriers—what do they do—on white board.
2. Work on questions from handout.
Thurs., 4/21
1. Lecture: How does currency exchange work?—sample Qs
2. Did Sample Qs on currency exchange and a few on Trade
Fri., 4/22
Topic: Exam--Trade & Currency Exchange
Agenda:
1. 1. Hand out Chap. 24 Quiz. Do in class.
2. Run over sample Currency Response Qs
3. Run over sample C/R questions
Topic: Tariffs & Currency Exchange
Agenda:
1. First 5-6 questions from worksheet on whiteboard.
2. Lecture: Trade Barriers—arguments for and against.
3. Trade Barriers—what do they do—on white board.
4. Assignment: 17: 448-58; 18: 473-82; Download Unit 6 Study Guide-Trade & Currency
Tues., 4/19
Topic: Tariffs & Currency Exchange
Agenda:
1. Lecture: Trade Barriers—arguments for and against.
Wed., 4/20—Late, Late Start
Topic: Trade & Currency Exchange
Agenda:
1. Trade Barriers—what do they do—on white board.
2. Work on questions from handout.
Thurs., 4/21
1. Lecture: How does currency exchange work?—sample Qs
2. Did Sample Qs on currency exchange and a few on Trade
Fri., 4/22
Topic: Exam--Trade & Currency Exchange
Agenda:
1. 1. Hand out Chap. 24 Quiz. Do in class.
2. Run over sample Currency Response Qs
3. Run over sample C/R questions
Due:
Assignment
Agenda for April 11 - 15
Mon., 4/11
Topic: Externalities & Taxes
Agenda:
1. Act. 65, 67 & 69
2. Coase Theorem—negative externalities can be fixed without government.
A. Few parties to transaction
B. Negotiation (transaction) costs are low
C. Clearly defined private property
1. Lakefront property and a hotel
2. Air rights for churches
3. Oil drilling off coast of Santa Barbara—trade oil drilling rights for platform removal and park land.
3. Taxes—regressive, progressive & proportional
A. Regressive
B. Progressive
C. Proportional
REMEMBER--IT IS NOT THE TOTAL AMOUNT YOU PAY THAT MATTERS, IT IS THE PERCENTAGE. A rich person may pay more in total taxes, but a smaller percentage of his total income--this tax would be regressive.
4. Show tax graphs from book on computer—study and explain in detail.
5. Do Activity 72 & 73 in pairs. (Look at Visual 5.5)
6. Act. 72—how do taxes work and are they flat, regressive or progressive?
7. Taxes:
A. Tax--who pays: The Golden Rule: Whichever curve is most inelastic pays the
tax.
B. Taxes--efficiency loss--greater the elasticity, the more the deadweight loss.
8. Assign: Anything we didn’t complete in class.
Tues., 4/12—Negotiation Day
Topic: Review for Test
1. Econ USA—Pollution
2. Working in pairs, complete as much as you can of:
A. Handout: Public Goods and Externalities Sample Questions--
B. Handout: Unit 5 Extra MC Questions
3. Answers to both handouts are available on line.
Wed. 4/13
Topic: Review for Test
Agenda:
1. Sample C/R questions—what if the market isn’t PC?
2. Questions on handouts from yesterday.
3. Final Hints for test.
4. Demo: Tragedy of the Commons—goldfish
Thurs., 4/14
Topic: Test
Agenda:
1. Short Unit Test--Public Goods, Externalities & Taxes
2. Assignment: p. 96-101; Q. 4, 5, 6 & 7—old
p. 89-94; Q. 4, 5, 6 & 7—new
Fri., 4/15
Topic: Absolute and Comparative Advantage
Agenda:
1. Powerpoint: Absolute & Comparative Advantage
2. Comparative Advantage--on whiteboard--Q4 & 5--show table and graph on whiteboard.
3. More Sample Qs—Microstan and East Wakovia.
4. Currency Exchange discussion
5. Assignment: 17: 442-48; 18: 467-73; Chap. 24 Handout: Q 1-6
Mon., 4/11
Topic: Externalities & Taxes
Agenda:
1. Act. 65, 67 & 69
2. Coase Theorem—negative externalities can be fixed without government.
A. Few parties to transaction
B. Negotiation (transaction) costs are low
C. Clearly defined private property
1. Lakefront property and a hotel
2. Air rights for churches
3. Oil drilling off coast of Santa Barbara—trade oil drilling rights for platform removal and park land.
3. Taxes—regressive, progressive & proportional
A. Regressive
B. Progressive
C. Proportional
REMEMBER--IT IS NOT THE TOTAL AMOUNT YOU PAY THAT MATTERS, IT IS THE PERCENTAGE. A rich person may pay more in total taxes, but a smaller percentage of his total income--this tax would be regressive.
4. Show tax graphs from book on computer—study and explain in detail.
5. Do Activity 72 & 73 in pairs. (Look at Visual 5.5)
6. Act. 72—how do taxes work and are they flat, regressive or progressive?
7. Taxes:
A. Tax--who pays: The Golden Rule: Whichever curve is most inelastic pays the
tax.
B. Taxes--efficiency loss--greater the elasticity, the more the deadweight loss.
8. Assign: Anything we didn’t complete in class.
Tues., 4/12—Negotiation Day
Topic: Review for Test
1. Econ USA—Pollution
2. Working in pairs, complete as much as you can of:
A. Handout: Public Goods and Externalities Sample Questions--
B. Handout: Unit 5 Extra MC Questions
3. Answers to both handouts are available on line.
Wed. 4/13
Topic: Review for Test
Agenda:
1. Sample C/R questions—what if the market isn’t PC?
2. Questions on handouts from yesterday.
3. Final Hints for test.
4. Demo: Tragedy of the Commons—goldfish
Thurs., 4/14
Topic: Test
Agenda:
1. Short Unit Test--Public Goods, Externalities & Taxes
2. Assignment: p. 96-101; Q. 4, 5, 6 & 7—old
p. 89-94; Q. 4, 5, 6 & 7—new
Fri., 4/15
Topic: Absolute and Comparative Advantage
Agenda:
1. Powerpoint: Absolute & Comparative Advantage
2. Comparative Advantage--on whiteboard--Q4 & 5--show table and graph on whiteboard.
3. More Sample Qs—Microstan and East Wakovia.
4. Currency Exchange discussion
5. Assignment: 17: 442-48; 18: 467-73; Chap. 24 Handout: Q 1-6
Due:
Assignment
Agenda for Mar. 28 – Apr. 1
Mon., 3/28
Topic: Minimum Wage, Unions, Land, Rent & Interest
Agenda:
1. Discussion & Graph—effect of unions on markets
2. Profits, Rent & Interest rates—brief overview of book materials.
3. Handouts: Assign: Sample C/R Questions
Tues. , 3/29
Topic: Test Review
Agenda:
1. Did C/R questions on board.
2. Ran over sample quiz on board.
Wed., 3/30
1. Unit 4 Exam—M/Choice & Constructed Response
2. Assignment:
Old Book: pp. 79-83--The Public Sector-Gov’ts Role
pp. 314-25, 332 Public Goods & Externalities
New Book: pp. 71-75-- The Public Sector-Gov’ts Role
pp. 310-21, 326 Public Goods & Externalities
Download: Unit 5 study guide-Externalities & Public Goods
Thurs., 3/31
Topic: Review: Public Goods, Positive & Negative Externalities
Agenda:
1. Public Goods (Services) Definition--nonexclusive, shared consumption, free rider problem--Private sector, left to their own devices, will not produce these goods (services.)
A. Examples
1. Lighthouse
2. Nat'l Defense
3. Dam
2. Positive Externalities (Spillover Benefits)
A. Individuals who are not party to a transaction still enjoy the benefits of that exchange (w/out coughing up the bucks for it--free rider problem again.)
1. Example: education, vaccinations, public art, dams, nat'l parks, etc.
2. Because of the free rider problem, THERE IS TOO LITTLE DEMAND FOR THIS GOOD, AND THEREFORE TOO LITTLE PRODUCTION. The optimal amount of the good should be where MSB (Marginal Social Benefit or Demand) is equal to MSC (Marginal Social Cost, or Supply.)
3. Solution: government can raise demand (make vaccinations mandatory) or increase supply (subsidize vaccine production.) or a combination of both.
4. Handout Packet #1: Students should answer Activity 63 in pairs.
5. At random, students will be chosen to discuss/defend their answers to the class (answers on whiteboard).
6. Homework: Read Activity 64.
Fri., 4/1
Topic: Public Goods & Externalities
Agenda:
1. Continued discussion of Activity 63 from yesterday, with emphasis on fire, police, garbage—not really public goods, but goods with extremely high social benefits—governments want to promote their production.
2. Negative Externalities--Spillover costs. People are affected by production of a good--by pollution, for instance--who are not party to that production.
A. In essence, society is bearing costs but the company who creates the good is not. COSTS ARE TOO LOW, THEREFORE SUPPLY IS TOO GREAT, LEADING TO EXCESSIVE PRODUCTION.
1. Solution to problem: gov't can tax or regulate, raising costs for the producer and thereby lowering production.
3. Review so students understand positive (too little demand) and negative (too much supply) externality graphs.
4. Assign: Read: Old Book: pp. 342-8.
Read: New Book: pp. 336-342; Packet #2. Do Activity 65. (Be sure to look at Visuals 5.2 & 5.3 included in package.) 4. Packet #3—Act. 67 & 69.
Mon., 3/28
Topic: Minimum Wage, Unions, Land, Rent & Interest
Agenda:
1. Discussion & Graph—effect of unions on markets
2. Profits, Rent & Interest rates—brief overview of book materials.
3. Handouts: Assign: Sample C/R Questions
Tues. , 3/29
Topic: Test Review
Agenda:
1. Did C/R questions on board.
2. Ran over sample quiz on board.
Wed., 3/30
1. Unit 4 Exam—M/Choice & Constructed Response
2. Assignment:
Old Book: pp. 79-83--The Public Sector-Gov’ts Role
pp. 314-25, 332 Public Goods & Externalities
New Book: pp. 71-75-- The Public Sector-Gov’ts Role
pp. 310-21, 326 Public Goods & Externalities
Download: Unit 5 study guide-Externalities & Public Goods
Thurs., 3/31
Topic: Review: Public Goods, Positive & Negative Externalities
Agenda:
1. Public Goods (Services) Definition--nonexclusive, shared consumption, free rider problem--Private sector, left to their own devices, will not produce these goods (services.)
A. Examples
1. Lighthouse
2. Nat'l Defense
3. Dam
2. Positive Externalities (Spillover Benefits)
A. Individuals who are not party to a transaction still enjoy the benefits of that exchange (w/out coughing up the bucks for it--free rider problem again.)
1. Example: education, vaccinations, public art, dams, nat'l parks, etc.
2. Because of the free rider problem, THERE IS TOO LITTLE DEMAND FOR THIS GOOD, AND THEREFORE TOO LITTLE PRODUCTION. The optimal amount of the good should be where MSB (Marginal Social Benefit or Demand) is equal to MSC (Marginal Social Cost, or Supply.)
3. Solution: government can raise demand (make vaccinations mandatory) or increase supply (subsidize vaccine production.) or a combination of both.
4. Handout Packet #1: Students should answer Activity 63 in pairs.
5. At random, students will be chosen to discuss/defend their answers to the class (answers on whiteboard).
6. Homework: Read Activity 64.
Fri., 4/1
Topic: Public Goods & Externalities
Agenda:
1. Continued discussion of Activity 63 from yesterday, with emphasis on fire, police, garbage—not really public goods, but goods with extremely high social benefits—governments want to promote their production.
2. Negative Externalities--Spillover costs. People are affected by production of a good--by pollution, for instance--who are not party to that production.
A. In essence, society is bearing costs but the company who creates the good is not. COSTS ARE TOO LOW, THEREFORE SUPPLY IS TOO GREAT, LEADING TO EXCESSIVE PRODUCTION.
1. Solution to problem: gov't can tax or regulate, raising costs for the producer and thereby lowering production.
3. Review so students understand positive (too little demand) and negative (too much supply) externality graphs.
4. Assign: Read: Old Book: pp. 342-8.
Read: New Book: pp. 336-342; Packet #2. Do Activity 65. (Be sure to look at Visuals 5.2 & 5.3 included in package.) 4. Packet #3—Act. 67 & 69.
Due:
Assignment
AP ECON Agenda for Mar. 21 - 25
Mon. 3/21
Topic: Review/Grade Unit 3 Exam
Agenda:
1. Grade Part I Free Response
2. Review Part I M/C Qs
3. Grade Part II Free Response
4. Review Part II M/C Qs
5. Assignment: Chap. 12—Resource Markets; 18: 253-262; Chap. 13-17: 255-63. (Stop at Optimal Combination of Resources); Download and complete Chap. 13 Questions; Download Unit 4 Study Guide
Tues. 3/22
Topic: Chap. 12/13 Resource Demand/Labor Demand
Agenda:
1. Lecture/worksheet--MRP=MFC!
2. Determinants of Resource Demand
3. Substitutes & Complements
4. Elasticity of Resource Demand
5. Handout: Chap. 12/13 Worksheet—long sheet
6. Assignment: 17th-264-7; 18th-263-6—Least Cost/Profit Max; Resource Mkts Worksheet—front side
Wed., 3/23
Topic: Chap. 12/13
Agenda:
1. Resource Markets Worksheet—did front side in class
2. Least Cost: MP1/P1 MP2/P2
3. Profit Max: MRP1/P1 = MRP2/P2 = 1
4. Resource Markets Worksheet—back side
5. Resource & Labor Market Sample Qs
6. Assign: Chap. 13/14-Labor Markets; Finish Resource & Labor Market Sample Qs
Thurs., 3/24
Topic: Labor Demand
Agenda:
1. Finished 12/13 worksheet—long form.
2. Ice Cream Shop Example—should you hire?
3. Labor Market Handout—Q#1
Fri., 3/25
Topic: Factor Markets, Minimum Wage, Unions
Agenda:
1. Ran over the back of the Labor Markets handout—review of Least Cost and Profit Max questions.
2. Resource & Labor Markets Qs—Q: 5-10, 16 & 18
3. Assign: Read Chap. 14/15-Rent, Interest and Profit; Sample Factor Market Quiz questions; Download Resource & Labor Market Qs-Answers
Mon. 3/21
Topic: Review/Grade Unit 3 Exam
Agenda:
1. Grade Part I Free Response
2. Review Part I M/C Qs
3. Grade Part II Free Response
4. Review Part II M/C Qs
5. Assignment: Chap. 12—Resource Markets; 18: 253-262; Chap. 13-17: 255-63. (Stop at Optimal Combination of Resources); Download and complete Chap. 13 Questions; Download Unit 4 Study Guide
Tues. 3/22
Topic: Chap. 12/13 Resource Demand/Labor Demand
Agenda:
1. Lecture/worksheet--MRP=MFC!
2. Determinants of Resource Demand
3. Substitutes & Complements
4. Elasticity of Resource Demand
5. Handout: Chap. 12/13 Worksheet—long sheet
6. Assignment: 17th-264-7; 18th-263-6—Least Cost/Profit Max; Resource Mkts Worksheet—front side
Wed., 3/23
Topic: Chap. 12/13
Agenda:
1. Resource Markets Worksheet—did front side in class
2. Least Cost: MP1/P1 MP2/P2
3. Profit Max: MRP1/P1 = MRP2/P2 = 1
4. Resource Markets Worksheet—back side
5. Resource & Labor Market Sample Qs
6. Assign: Chap. 13/14-Labor Markets; Finish Resource & Labor Market Sample Qs
Thurs., 3/24
Topic: Labor Demand
Agenda:
1. Finished 12/13 worksheet—long form.
2. Ice Cream Shop Example—should you hire?
3. Labor Market Handout—Q#1
Fri., 3/25
Topic: Factor Markets, Minimum Wage, Unions
Agenda:
1. Ran over the back of the Labor Markets handout—review of Least Cost and Profit Max questions.
2. Resource & Labor Markets Qs—Q: 5-10, 16 & 18
3. Assign: Read Chap. 14/15-Rent, Interest and Profit; Sample Factor Market Quiz questions; Download Resource & Labor Market Qs-Answers
Due:
Assignment
Agenda for Mar. 14 - 18
MON., 3/14
Topic: Review for Test on Unit 3 Chap. 8-11
Agenda:
1. Handouts: Sample Monopoly C/R questions & sample M/C questions from past exams—work on in class.
Tues., 3/15
Topic: Review for Exam
Agenda:
1. Handout of any missing material
2. Review of Monopolistic Comp and Oligopoly
Wed., 3/16
Topic: Review for Test on Unit 3 Chap. 8-11
Agenda:
1. Final Hints—written on old test.
2. Questions on handouts?
3. Run over PC graph again.
4. Review Consumer Surplus and Producer Surplus--P.C. vs. Monopoly.
5. Final Hints: 1)3 kinds of monopolies 2) PC graphs 3) Costs curves-draw them! 4) Total vs. Marginal 5) Implicit vs. Explicit costs 6) TP vs M)P 7) Diminishing Returns 8) Mono vs. PC-MC=S 9) Consumer & Producer Surplus 10) variable vs. fixed costs
5. Questions on handouts?
Thurs., 3/17
Topic: Unit 3 Exam—1st half
Agenda:
1. Unit 3 Exam—35 M/C and 1 Constructed Response
Fri., 3/18
Topic: Unit 3 Exam—2nd half
Agenda:
1. Unit 3 Exam—31 M/C and 1 Constructed Response
MON., 3/14
Topic: Review for Test on Unit 3 Chap. 8-11
Agenda:
1. Handouts: Sample Monopoly C/R questions & sample M/C questions from past exams—work on in class.
Tues., 3/15
Topic: Review for Exam
Agenda:
1. Handout of any missing material
2. Review of Monopolistic Comp and Oligopoly
Wed., 3/16
Topic: Review for Test on Unit 3 Chap. 8-11
Agenda:
1. Final Hints—written on old test.
2. Questions on handouts?
3. Run over PC graph again.
4. Review Consumer Surplus and Producer Surplus--P.C. vs. Monopoly.
5. Final Hints: 1)3 kinds of monopolies 2) PC graphs 3) Costs curves-draw them! 4) Total vs. Marginal 5) Implicit vs. Explicit costs 6) TP vs M)P 7) Diminishing Returns 8) Mono vs. PC-MC=S 9) Consumer & Producer Surplus 10) variable vs. fixed costs
5. Questions on handouts?
Thurs., 3/17
Topic: Unit 3 Exam—1st half
Agenda:
1. Unit 3 Exam—35 M/C and 1 Constructed Response
Fri., 3/18
Topic: Unit 3 Exam—2nd half
Agenda:
1. Unit 3 Exam—31 M/C and 1 Constructed Response
Due:
Assignment
Due:
Assignment
Lesson Plans for Mar. 7 – 11: AP Econ: NY Trip
Mon., 3/7
Topic: Monopoly
Agenda:
1. Hand out Chap. 10 Monopoly Quiz.
2. Grade Quiz in class (Answers in folder) and allow students to review answers
3. Turn quizzes in to appropriate period tray.
4. Assign.: 17th--211-230; 18th--223-243; Download Act. 44 & 46 and bring to class tomorrow.
Working in pairs, students should use their textbooks: to complete Activity 44 & 46.
Tues., 3/8
Topic: Monopolistic Competition and Oligopoly
1. Act. 44 send students to the board to draw the graphs and then answer each question.
2. Act. 46 same as for 44.
3. Handout: Chap. 11 worksheet—complete front page only
WED., 3/9—Late start day
1. Video: Oligopoly.
2. Correct Chap. 11 Worksheet—front page-Answer sheet in folder
3. Students may work together on Chap. 11 worksheet—back page.
4. Correct Chap. 11 worksheet-back page
5. Homework Assignment: Monopolistic Competition & Oligopoly Handout—read for tomorrow.
THURS., 3/10
1. Handout: Monopolistic Competition and Oligopoly Sample Quiz w/ Free Response
2. Correct Quiz—Answers in folder.
FRI., 3/11
Topic: Oligopoly
Agenda:
1. Handout: Sample Quiz on Monopolistic Competition & Oligopoly w/ Free Response
2. Correct Quiz—Answers in folder.
Mon., 3/7
Topic: Monopoly
Agenda:
1. Hand out Chap. 10 Monopoly Quiz.
2. Grade Quiz in class (Answers in folder) and allow students to review answers
3. Turn quizzes in to appropriate period tray.
4. Assign.: 17th--211-230; 18th--223-243; Download Act. 44 & 46 and bring to class tomorrow.
Working in pairs, students should use their textbooks: to complete Activity 44 & 46.
Tues., 3/8
Topic: Monopolistic Competition and Oligopoly
1. Act. 44 send students to the board to draw the graphs and then answer each question.
2. Act. 46 same as for 44.
3. Handout: Chap. 11 worksheet—complete front page only
WED., 3/9—Late start day
1. Video: Oligopoly.
2. Correct Chap. 11 Worksheet—front page-Answer sheet in folder
3. Students may work together on Chap. 11 worksheet—back page.
4. Correct Chap. 11 worksheet-back page
5. Homework Assignment: Monopolistic Competition & Oligopoly Handout—read for tomorrow.
THURS., 3/10
1. Handout: Monopolistic Competition and Oligopoly Sample Quiz w/ Free Response
2. Correct Quiz—Answers in folder.
FRI., 3/11
Topic: Oligopoly
Agenda:
1. Handout: Sample Quiz on Monopolistic Competition & Oligopoly w/ Free Response
2. Correct Quiz—Answers in folder.
Due:
Assignment
Agenda for Feb. 28 – Mar. 4
MON., 2/28
Topic: Perfect Competition--short run & long run.
Agenda:
1. Activity 35 & 36
2. Ran over some basic items—3 steps for reading graph, allocative and productive efficiency, MR > or = to MC, read a Firm and Market graph, show LR increasing, decreasing and constant cost industries.
3. Handout—Sample Quiz question—from chart not graph
4. Handout—Chap. 9 Sample Quiz Questions
5. Unit 2 Exam Review
6. Assignment: Download Unit 3-1-Study Guide-Perfect Competition; Chap. 9 Sample Quiz Questions-Answers and study for Chap. 9 quiz.
TUES., 3/1
Topic: Perfect Comp-Chap. 9 Quiz
Agenda:
1. Chap. 9 Quiz
2. Assign: Monopolies 18: 202-14; 17: p. 190-202; Download and bring to class: Activity 38 & Monopoly Graphs; Activity 39; Activity 41
WED., 3/2
Topic: Monopolies,
Agenda:
1. Powerpoint-Monopolies
2. Activity 38.
3. Activity 39
4. Regulating a Monopoly
A. Socially Optimal MC=P
B. Fair Return ATC=P
5. Activity 41 on whiteboard
6. Assignment 18: 214-219; 17: p. 202-207; Download and complete Activity 43 and bring to class
THURS., 3/3
Topic: Monopolies, Price Discriminating Monopolies, Regulated monopolies, Monopolistic competition & Oligopolies
Agenda:
1. If not completed yesterday, finish Act. 41
2. Draw monopoly graphs on whiteboard
3. Other concerns about monopolies
A. X-inefficiencies
b. Rent-seeking behavior
c. Inefficiencies— P≠MC-no allocative and P≠(min)ATC-no productive efficiency
d. Monopolies always operate in elastic portion of demand curve—that is where MR>0 or where TR is either rising or at its peak. MR=0 where TR is highest.
4. Do a monopoly graph on board, then do a Price Discrimination graph—MR curve swings over and MR=D=AR=P is back in business! What do we mean by Price Discrimination?
5. Act. 43—regulated monopolies
--P=ATC Fair Return Pricing (not the same as Productively Efficient—ATC not at minimum)
--P=MC Socially Optimal Pricing (same as Allocatively Efficient).
6. Monopolistic Competition—draw lazy chopsticks graph—read it just like you would a monopoly graph!
7. Oligopoly graph—it looks weird, but you still read it the same way—MR=MC determines Quantity; go up to D=AR=P to determine price, compare to ATC to determine profit or loss.
9. Assignment: Study for Quiz on Chap. 10-Monopolies. Download Unit 3 Imperfect Competition Combined Study Guide.
FRI., 3/4—Berkeley MUN-sub day
Topic: Price Discriminating Monopoly
1. Handout: Sample Price Discrimination Quiz—students may work together in pairs.
2. Handout: Answers to Chap. 10 Monopoly sample quiz.
3. Return Unit 2 Exam and Chap. 9 Quiz for student review.
4. Assign: Quiz on Chap. 10—Monopoly on Mon.
MON., 2/28
Topic: Perfect Competition--short run & long run.
Agenda:
1. Activity 35 & 36
2. Ran over some basic items—3 steps for reading graph, allocative and productive efficiency, MR > or = to MC, read a Firm and Market graph, show LR increasing, decreasing and constant cost industries.
3. Handout—Sample Quiz question—from chart not graph
4. Handout—Chap. 9 Sample Quiz Questions
5. Unit 2 Exam Review
6. Assignment: Download Unit 3-1-Study Guide-Perfect Competition; Chap. 9 Sample Quiz Questions-Answers and study for Chap. 9 quiz.
TUES., 3/1
Topic: Perfect Comp-Chap. 9 Quiz
Agenda:
1. Chap. 9 Quiz
2. Assign: Monopolies 18: 202-14; 17: p. 190-202; Download and bring to class: Activity 38 & Monopoly Graphs; Activity 39; Activity 41
WED., 3/2
Topic: Monopolies,
Agenda:
1. Powerpoint-Monopolies
2. Activity 38.
3. Activity 39
4. Regulating a Monopoly
A. Socially Optimal MC=P
B. Fair Return ATC=P
5. Activity 41 on whiteboard
6. Assignment 18: 214-219; 17: p. 202-207; Download and complete Activity 43 and bring to class
THURS., 3/3
Topic: Monopolies, Price Discriminating Monopolies, Regulated monopolies, Monopolistic competition & Oligopolies
Agenda:
1. If not completed yesterday, finish Act. 41
2. Draw monopoly graphs on whiteboard
3. Other concerns about monopolies
A. X-inefficiencies
b. Rent-seeking behavior
c. Inefficiencies— P≠MC-no allocative and P≠(min)ATC-no productive efficiency
d. Monopolies always operate in elastic portion of demand curve—that is where MR>0 or where TR is either rising or at its peak. MR=0 where TR is highest.
4. Do a monopoly graph on board, then do a Price Discrimination graph—MR curve swings over and MR=D=AR=P is back in business! What do we mean by Price Discrimination?
5. Act. 43—regulated monopolies
--P=ATC Fair Return Pricing (not the same as Productively Efficient—ATC not at minimum)
--P=MC Socially Optimal Pricing (same as Allocatively Efficient).
6. Monopolistic Competition—draw lazy chopsticks graph—read it just like you would a monopoly graph!
7. Oligopoly graph—it looks weird, but you still read it the same way—MR=MC determines Quantity; go up to D=AR=P to determine price, compare to ATC to determine profit or loss.
9. Assignment: Study for Quiz on Chap. 10-Monopolies. Download Unit 3 Imperfect Competition Combined Study Guide.
FRI., 3/4—Berkeley MUN-sub day
Topic: Price Discriminating Monopoly
1. Handout: Sample Price Discrimination Quiz—students may work together in pairs.
2. Handout: Answers to Chap. 10 Monopoly sample quiz.
3. Return Unit 2 Exam and Chap. 9 Quiz for student review.
4. Assign: Quiz on Chap. 10—Monopoly on Mon.
Due:
Assignment
Agenda for Feb. 14 - 18
MON., 2/14-
TOPIC: Chap. 8--Costs of Production
Agenda:
1. Activity 31—answers
2. Chap. 8 m/c questions—answers
3. Chap. 8 Problem Set—go over and provide help
4. Unit 2 Exam Review (if time)
5. Paper Pizzas Factory (if time)
6. Video: Perfect Competition (if time)
7. Assign: 17: 166-78; 18: 177-79
TUES. 2/15
TOPIC: Chap. 10--Perfect Competition-short run
1. Lecture & Powerpoint Slides 1-26--Perfect Competition
2. Activity 32—begin in class
3. Show what happens to all of the above graphs in the long run.
4. Assignment: Activity 32, just parts A-F; Read rest of Chap. 9
WED. 2/16
TOPIC: Perfect Competition-long run
Agenda:
1. Overhead: Activity 32-review using Act. 32 answers on overhead
2. Section G—show Activity 32 final graph on overhead.
3. Short Run
a. MR(also P)=MC--profit maximizing
b. P>AVC--stay open
c. Pd. P>ATC--making a profit
e. P4. Quick Draw—long run equilibrium
THURS. 2/17
Topic: Perfect Competition--short run & long run.
Agenda:
1. Sample Qs on board:
a. Draw graphs showing a firm making $$
b. Draw graphs showing a firm losing $$
c. Graph making no profit.
3. Overhead: Activity 34 Part A—in class.
4. Short run vs. Long Run Equilibrium
5. Long Run--overhead--slide 27 from powerpoint
a. Assumptions
1. Entry & exit are easy.
2. identical cost curves for all firms.
3. Constant cost industry.
b. Lose $--company will leave.
c. Make $--companies will enter.
d. 0 profits in the LR
e. P=MR=MC=(min)ATC
5. Begin Activity 34 (if time).
6. Assignment: Complete the rest of Activity 34.
FRI., 2/18
Topic: Perfect Competition
Agenda:
1. Activity 34--completed in class
2. Handout: Activity 35 & 36—two pages--started 35.
3. Complete the rest of 35 & 36. On Monday after break I will randomly call on students to complete sections of these 3 activities. They must be able to not only tell me the answers, but explain how they calculated them. The class that gets the most correct answers will be rewarded with donuts the Thursday after break. So, students should not only be working on completing the handouts, they should also be making sure everyone in the class knows how to complete these questions.
MON., 2/14-
TOPIC: Chap. 8--Costs of Production
Agenda:
1. Activity 31—answers
2. Chap. 8 m/c questions—answers
3. Chap. 8 Problem Set—go over and provide help
4. Unit 2 Exam Review (if time)
5. Paper Pizzas Factory (if time)
6. Video: Perfect Competition (if time)
7. Assign: 17: 166-78; 18: 177-79
TUES. 2/15
TOPIC: Chap. 10--Perfect Competition-short run
1. Lecture & Powerpoint Slides 1-26--Perfect Competition
2. Activity 32—begin in class
3. Show what happens to all of the above graphs in the long run.
4. Assignment: Activity 32, just parts A-F; Read rest of Chap. 9
WED. 2/16
TOPIC: Perfect Competition-long run
Agenda:
1. Overhead: Activity 32-review using Act. 32 answers on overhead
2. Section G—show Activity 32 final graph on overhead.
3. Short Run
a. MR(also P)=MC--profit maximizing
b. P>AVC--stay open
c. P
e. P
THURS. 2/17
Topic: Perfect Competition--short run & long run.
Agenda:
1. Sample Qs on board:
a. Draw graphs showing a firm making $$
b. Draw graphs showing a firm losing $$
c. Graph making no profit.
3. Overhead: Activity 34 Part A—in class.
4. Short run vs. Long Run Equilibrium
5. Long Run--overhead--slide 27 from powerpoint
a. Assumptions
1. Entry & exit are easy.
2. identical cost curves for all firms.
3. Constant cost industry.
b. Lose $--company will leave.
c. Make $--companies will enter.
d. 0 profits in the LR
e. P=MR=MC=(min)ATC
5. Begin Activity 34 (if time).
6. Assignment: Complete the rest of Activity 34.
FRI., 2/18
Topic: Perfect Competition
Agenda:
1. Activity 34--completed in class
2. Handout: Activity 35 & 36—two pages--started 35.
3. Complete the rest of 35 & 36. On Monday after break I will randomly call on students to complete sections of these 3 activities. They must be able to not only tell me the answers, but explain how they calculated them. The class that gets the most correct answers will be rewarded with donuts the Thursday after break. So, students should not only be working on completing the handouts, they should also be making sure everyone in the class knows how to complete these questions.
Due:
Assignment
Agenda for Feb. 7 - 11
Mon. 2/7
1. Do sample AP Questions 96 #2 and 98 #1.
Tues. 2/8
Topic: Unit Exam
Agenda:
1. Review for Exam
A. Chap. 21 sample questions--available under handouts
B. Reminders:
--Substitute, complement
--normal, inferior
--elasticity formulas
--show curve—high elasticity in high price, low in low price
-->1 elastic, <1 inelastic
--TR test
--Utility maximization
--Price Floors & Ceilings
Wed. 2/9—Late, late start day—39 minute periods
1. Unit 2 Exam—1st part
Thurs., 2/10
TOPIC: Chap. 8: Costs of Production
Agenda:
1. Unit 2 Exam-2nd part
2. 4 Chapter Objectives on board—from notes
3. Assignment: 17: p. 145-55 (Stop at Long Run Production Costs); 18: 155-65 answer Qs 2, 3 & 4 at end of chapter; download Activity 31 and bring to class tomorrow.
Fri., 2/11
Topic: Chap. 8: Costs of Production
Agenda:
1. Economic Costs include:
a. Explicit Costs—students examples
b. Implicit Costs—we’re talking “opportunity costs” again--student examples
c. What are the explicit and implicit costs of going to eat dinner in a restaurant.
2. Normal Profits—a cost—yes! Why?
3. Handout: Q# 2-4 from Chap. 8
4. Economic Profit—Q#2 on board.
5. Short & Long Run—Q#3.
6. Fixed vs. Variable Costs—examples
7. Economies & Diseconomies of Scale
8. Activity 31—Q#2–MP, TP, Diminishing Returns, MC—graph only the Unit Cost Data
9. Assign: 17: p. 155-62; 18: p. 166-72; finish Activity 31; Download and complete Chap. 8 M/C questions. Download Chap. 8 Problem Set and bring to class on Mon.
Mon. 2/7
1. Do sample AP Questions 96 #2 and 98 #1.
Tues. 2/8
Topic: Unit Exam
Agenda:
1. Review for Exam
A. Chap. 21 sample questions--available under handouts
B. Reminders:
--Substitute, complement
--normal, inferior
--elasticity formulas
--show curve—high elasticity in high price, low in low price
-->1 elastic, <1 inelastic
--TR test
--Utility maximization
--Price Floors & Ceilings
Wed. 2/9—Late, late start day—39 minute periods
1. Unit 2 Exam—1st part
Thurs., 2/10
TOPIC: Chap. 8: Costs of Production
Agenda:
1. Unit 2 Exam-2nd part
2. 4 Chapter Objectives on board—from notes
3. Assignment: 17: p. 145-55 (Stop at Long Run Production Costs); 18: 155-65 answer Qs 2, 3 & 4 at end of chapter; download Activity 31 and bring to class tomorrow.
Fri., 2/11
Topic: Chap. 8: Costs of Production
Agenda:
1. Economic Costs include:
a. Explicit Costs—students examples
b. Implicit Costs—we’re talking “opportunity costs” again--student examples
c. What are the explicit and implicit costs of going to eat dinner in a restaurant.
2. Normal Profits—a cost—yes! Why?
3. Handout: Q# 2-4 from Chap. 8
4. Economic Profit—Q#2 on board.
5. Short & Long Run—Q#3.
6. Fixed vs. Variable Costs—examples
7. Economies & Diseconomies of Scale
8. Activity 31—Q#2–MP, TP, Diminishing Returns, MC—graph only the Unit Cost Data
9. Assign: 17: p. 155-62; 18: p. 166-72; finish Activity 31; Download and complete Chap. 8 M/C questions. Download Chap. 8 Problem Set and bring to class on Mon.
Due:
Assignment
Agenda for Jan. 31 – Feb. 4: Chicago Trip
Mon., 1/31
Topic: Chap. 6 Quiz
Agenda:
1. Chap. 6 Quiz.
2. (If time.) Students can trade and grade
3. Assign: Download Chap. 7 Consumer Behavior-Handout I and bring to class tomorrow.
Tues. 2/1
Topic: Chap. 7—Utility Maximization
Agenda:
1. (If not completed yesterday.) Trade and grade Chap. 6 quiz.
2. Powerpoint: The Power of Microeconomics
A. They will be viewing Lecture 3: Demand and Consumer Behavior—Part I.
3. Consumer Behavior-Handout I. Students will fill out the self-test that is the first part of this package. They make work in pairs, but no larger.
4. Consumer Behavior-Handout I: Again working in pairs, they can fill out the True-False Questions that are part of this package. (Answers for all classwork will be given out on Thursday.)
5. Assign: Download Chap. 7 Problem Set and bring to class tomorrow.
Wed. 2/2—Late Start Day—short period.
Topic: Chap. 7—Utility Maximization
Agenda:
1. Powerpoint: The Power of Microeconomics—Demand and Consumer Behavior-Part II
2. Begin Chap. 7 Problem Set (If they don’t finish, they can complete tomorrow.)
3. Assign: Chap. 7 Practice Quiz—download and complete so you can check answers tomorrow in class.
Thurs. 2/3
Topic: Chap. 7-Utility Maximization
Agenda:
1. Complete Chap. 7 Problem Set from yesterday.
2. Handout: Answer sheet for all classwork—students can run over the problems and figure out which ones they got wrong and why.
3. Assign: Study for Chap. 7 Quiz tomorrow.
Fri. 2/4
Topic: Chap. 7-Utility Maximization
Agenda:
1. Chap. 7 Quiz.
2. Trade & Grade Quiz
3. Assign: Unit 2 Study Guide.
Mon., 1/31
Topic: Chap. 6 Quiz
Agenda:
1. Chap. 6 Quiz.
2. (If time.) Students can trade and grade
3. Assign: Download Chap. 7 Consumer Behavior-Handout I and bring to class tomorrow.
Tues. 2/1
Topic: Chap. 7—Utility Maximization
Agenda:
1. (If not completed yesterday.) Trade and grade Chap. 6 quiz.
2. Powerpoint: The Power of Microeconomics
A. They will be viewing Lecture 3: Demand and Consumer Behavior—Part I.
3. Consumer Behavior-Handout I. Students will fill out the self-test that is the first part of this package. They make work in pairs, but no larger.
4. Consumer Behavior-Handout I: Again working in pairs, they can fill out the True-False Questions that are part of this package. (Answers for all classwork will be given out on Thursday.)
5. Assign: Download Chap. 7 Problem Set and bring to class tomorrow.
Wed. 2/2—Late Start Day—short period.
Topic: Chap. 7—Utility Maximization
Agenda:
1. Powerpoint: The Power of Microeconomics—Demand and Consumer Behavior-Part II
2. Begin Chap. 7 Problem Set (If they don’t finish, they can complete tomorrow.)
3. Assign: Chap. 7 Practice Quiz—download and complete so you can check answers tomorrow in class.
Thurs. 2/3
Topic: Chap. 7-Utility Maximization
Agenda:
1. Complete Chap. 7 Problem Set from yesterday.
2. Handout: Answer sheet for all classwork—students can run over the problems and figure out which ones they got wrong and why.
3. Assign: Study for Chap. 7 Quiz tomorrow.
Fri. 2/4
Topic: Chap. 7-Utility Maximization
Agenda:
1. Chap. 7 Quiz.
2. Trade & Grade Quiz
3. Assign: Unit 2 Study Guide.
Due:
Assignment
Agenda for Jan. 24 - 28
Mon. 1/24
TOPIC: Chap. 3 Quiz/Elasticity of Demand
Agenda:
1. Quiz--Chap. 3
2. Elasticity of Demand
A. Definition of elasticity—use tennis ball & baseball or other non-bouncing object.
B. What effects elasticity—Activity 21 & 1
3. Assignment: 17th-106-18; 18th-114-26; Download Activity 21 & 1, 22 & 23
Tues. 1/25
TOPIC: UNIT 2 – CHAPTER 6-Elasticity of Demand
Agenda:
1. Powerpoint on Elasticity—just first 8 slides.
2. S.P.L.T—Demand Elasticity
Substitutes—More-Elastic; Less-inelastic
Percentage of Y—More-Elastic; Less-inelastic
Luxury-Elastic; Necessity—inelatic
Time—More-elastic; less-inelastic
3. Activity 21
4. Demonstrate Midpoint Method—hard to do, but necessary.
5. Total Revenue Test using paper clip and rubber band.
6. On Board: draw demand curves and analyze elasticity at different points
7. Activity 22--finished
8. Activity 23
9. Chap. 3 Quiz Review
10. Assignment: Unfinished parts of Act. 23. Read remainder of Chap. 6 and all of Chap. 7; Chap. 6 worksheet; Chap. 6 Practice quiz
Mon. 1/24
TOPIC: Chap. 3 Quiz/Elasticity of Demand
Agenda:
1. Quiz--Chap. 3
2. Elasticity of Demand
A. Definition of elasticity—use tennis ball & baseball or other non-bouncing object.
B. What effects elasticity—Activity 21 & 1
3. Assignment: 17th-106-18; 18th-114-26; Download Activity 21 & 1, 22 & 23
Tues. 1/25
TOPIC: UNIT 2 – CHAPTER 6-Elasticity of Demand
Agenda:
1. Powerpoint on Elasticity—just first 8 slides.
2. S.P.L.T—Demand Elasticity
Substitutes—More-Elastic; Less-inelastic
Percentage of Y—More-Elastic; Less-inelastic
Luxury-Elastic; Necessity—inelatic
Time—More-elastic; less-inelastic
3. Activity 21
4. Demonstrate Midpoint Method—hard to do, but necessary.
5. Total Revenue Test using paper clip and rubber band.
6. On Board: draw demand curves and analyze elasticity at different points
7. Activity 22--finished
8. Activity 23
9. Chap. 3 Quiz Review
10. Assignment: Unfinished parts of Act. 23. Read remainder of Chap. 6 and all of Chap. 7; Chap. 6 worksheet; Chap. 6 Practice quiz
Due:
Assignment
Agenda for Jan. 17 - 21
MON. 1/17-MLK Day—No School
Tues., 1/18—Sub Day—School Services Meeting
TOPIC: CHAP. 3 - MARKET EQUILIBRIUM
Agenda:
1. Activity 13-answers
2. Activity 14-answers
3. Act. 16-answers
4. Video: Supply & Demand—Econ USA.
5. Assignment: Chap. 3--End of Chap. Qs 3, 6, 8, 9, 14
Wed. 1/19
TOPIC: Market Equilibrium
Agenda:
1. On whiteboard—make students answer Chap. 3--End of Chap. Qs 3, 6
2. Discussion/Examination of price floors/ceilings
3. Start Act. 25 together
4. End of Chap. Q--#8 & 14 (if time)
5. Assignment: Activity 19, 20 & 25; On-line: Unit 2 Study Guide and M/C questions.
Thurs. 1/20
TOPIC: CHAP. 3 - MARKET EQUILIBRIUM
Agenda:
1. Act. 25 on board
2. Act. 19 on board
3. Act. 20 on board
Fri. 1/21
TOPIC: CHAP. 3 - MARKET EQUILIBRIUM
Agenda:
1. Marginal Utility Demonstration
2. Economics Baseball
3. Prepare for Chap. 3 quiz on Monday.
MON. 1/17-MLK Day—No School
Tues., 1/18—Sub Day—School Services Meeting
TOPIC: CHAP. 3 - MARKET EQUILIBRIUM
Agenda:
1. Activity 13-answers
2. Activity 14-answers
3. Act. 16-answers
4. Video: Supply & Demand—Econ USA.
5. Assignment: Chap. 3--End of Chap. Qs 3, 6, 8, 9, 14
Wed. 1/19
TOPIC: Market Equilibrium
Agenda:
1. On whiteboard—make students answer Chap. 3--End of Chap. Qs 3, 6
2. Discussion/Examination of price floors/ceilings
3. Start Act. 25 together
4. End of Chap. Q--#8 & 14 (if time)
5. Assignment: Activity 19, 20 & 25; On-line: Unit 2 Study Guide and M/C questions.
Thurs. 1/20
TOPIC: CHAP. 3 - MARKET EQUILIBRIUM
Agenda:
1. Act. 25 on board
2. Act. 19 on board
3. Act. 20 on board
Fri. 1/21
TOPIC: CHAP. 3 - MARKET EQUILIBRIUM
Agenda:
1. Marginal Utility Demonstration
2. Economics Baseball
3. Prepare for Chap. 3 quiz on Monday.
Due:
Assignment
Agenda for Jan. 10 - 14
Mon. 1/10-Chap. 1
Agenda:
1. Chap. 1 Appendix—all you need to know:
A. Price goes on vertical and Q on horizontal.
B. Infinite and Zero slopes.
2. Chap. 1--Review
A. Unlimited Wants; Limited Resources; marginality; utility; MB vs MC; no free lunch, ceteris paribus
3. Activity 2—last page especially.
4. PPCs-chart--from Charts all Chapters powerpoint
5. Hand Out: Chap. 1 Quiz
6. Assignment: 1) Chap. 2 pp. 29-41 (Characteristics of the Market System and 5 Fundamental Questions are most important) 2) P. 42, Q 8 & 9.
Tues. 1/11
Topic: Chap. 2--Characteristics of the Market System and 5 Fundamental Questions.
Agenda:
1. Very brief review—9 Characteristics of markets
2. 5 Fundamental Questions (Powerpoint if time)
3. Look at Q 8 & 9—make sure you know how to do least cost equation.
4. Run over answers to Chap. 1 Quiz.
5. Assign: Quiz on Chap. 2 and CR Question
Wed., 1/12
Topic: Complete Chap. 2
Agenda:
1. Wrap-up of Chap. 2
a. Least Cost Sample Q
b. Market Expansion/Contraction--why? Effects? Both resource markets & other product markets will also change.
c. "Invisible Hand"
2. Short Quiz on Chap. 2—grade in class
4. Assignment: p. 45-50
Thurs., 1/13
Topic: Unit 2-Chap. 3
1. Hand back/Quickly run over Chap. 2 quiz—actually did a brief talk on California budget—Prop 13, how bad our economy is, etc.
2. Unit 1 Constructed Response Q
3. Intro to Chap. 3
A. Competitive Markets
1. Many buyers & sellers
2. standardized goods
3. prices are “discovered” (think E-Bay) no one person or group sets the price.
B. Demand Schedule & Curve, individual vs. market demand from Charts—All Chapters Powerpoint—including—MB vs. MC section.
C. Law of Demand
1. Diminishing MU
2. Income effect
3. Substitution effect
5. Assignment: 1) pp. 50-53, focus on graphs on p. 51 & 52
Fri., 1/14-Chap. 3
Topic: Unit 2-Chap. 3
Agenda:
1. Demand Schedule & Curve, individual vs. market demand from Charts—All Chapters Powerpoint—including— MB vs. MC section.
2. Supply & Demand Powerpoint--8 determinants of demand.
Mnemonic Device for Determinants of Demand:
T.astes;
Prices of R.elated Goods (substitutes & complements)
I.ncome
Number of B.uyers
E.xpectations
T.R.I.B.E
2. Start Activity #13
3. Start Activity #14
4. Supply—6 determinants —on whiteboard w/ examples of each.
Mnemonic device for determinants of supply:
R.esource Costs
O.ther Prices (substitutes & complements)
T.axes & subsidies
T.echnology
E.xpectations
N.umber of Suppliers
R.O.T.T.E.N.
5. Start Activity 16.
6. Assignment: p. 53-61—focus on graphs on p. 54, 57, 58, 60. Activity 13, 14 & 16.
Mon. 1/10-Chap. 1
Agenda:
1. Chap. 1 Appendix—all you need to know:
A. Price goes on vertical and Q on horizontal.
B. Infinite and Zero slopes.
2. Chap. 1--Review
A. Unlimited Wants; Limited Resources; marginality; utility; MB vs MC; no free lunch, ceteris paribus
3. Activity 2—last page especially.
4. PPCs-chart--from Charts all Chapters powerpoint
5. Hand Out: Chap. 1 Quiz
6. Assignment: 1) Chap. 2 pp. 29-41 (Characteristics of the Market System and 5 Fundamental Questions are most important) 2) P. 42, Q 8 & 9.
Tues. 1/11
Topic: Chap. 2--Characteristics of the Market System and 5 Fundamental Questions.
Agenda:
1. Very brief review—9 Characteristics of markets
2. 5 Fundamental Questions (Powerpoint if time)
3. Look at Q 8 & 9—make sure you know how to do least cost equation.
4. Run over answers to Chap. 1 Quiz.
5. Assign: Quiz on Chap. 2 and CR Question
Wed., 1/12
Topic: Complete Chap. 2
Agenda:
1. Wrap-up of Chap. 2
a. Least Cost Sample Q
b. Market Expansion/Contraction--why? Effects? Both resource markets & other product markets will also change.
c. "Invisible Hand"
2. Short Quiz on Chap. 2—grade in class
4. Assignment: p. 45-50
Thurs., 1/13
Topic: Unit 2-Chap. 3
1. Hand back/Quickly run over Chap. 2 quiz—actually did a brief talk on California budget—Prop 13, how bad our economy is, etc.
2. Unit 1 Constructed Response Q
3. Intro to Chap. 3
A. Competitive Markets
1. Many buyers & sellers
2. standardized goods
3. prices are “discovered” (think E-Bay) no one person or group sets the price.
B. Demand Schedule & Curve, individual vs. market demand from Charts—All Chapters Powerpoint—including—MB vs. MC section.
C. Law of Demand
1. Diminishing MU
2. Income effect
3. Substitution effect
5. Assignment: 1) pp. 50-53, focus on graphs on p. 51 & 52
Fri., 1/14-Chap. 3
Topic: Unit 2-Chap. 3
Agenda:
1. Demand Schedule & Curve, individual vs. market demand from Charts—All Chapters Powerpoint—including— MB vs. MC section.
2. Supply & Demand Powerpoint--8 determinants of demand.
Mnemonic Device for Determinants of Demand:
T.astes;
Prices of R.elated Goods (substitutes & complements)
I.ncome
Number of B.uyers
E.xpectations
T.R.I.B.E
2. Start Activity #13
3. Start Activity #14
4. Supply—6 determinants —on whiteboard w/ examples of each.
Mnemonic device for determinants of supply:
R.esource Costs
O.ther Prices (substitutes & complements)
T.axes & subsidies
T.echnology
E.xpectations
N.umber of Suppliers
R.O.T.T.E.N.
5. Start Activity 16.
6. Assignment: p. 53-61—focus on graphs on p. 54, 57, 58, 60. Activity 13, 14 & 16.
Due:
Assignment
Agenda for Jan. 10 - 14
Mon. 1/10-Chap. 1
Agenda:
1. Chap. 1 Appendix—all you need to know:
A. Price goes on vertical and Q on horizontal.
B. Infinite and Zero slopes.
2. Chap. 1--Review
A. Unlimited Wants; Limited Resources; marginality; utility; MB & MC; Free Lunch and ceteris paribus
3. Activity 2—last page especially.
4. Final Hints
5. Hand Out: Chap. 1 Quiz
6. Assignment: 1) Chap. 2 pp. 29-41 (Characteristics of the Market System and 5 Fundamental Questions are most important) 2) P. 42, Q 8 & 9.
Tues. 1/11
Topic: Chap. 2--Characteristics of the Market System and 5 Fundamental Questions.
Agenda:
1. Very brief review—9 Characteristics of markets
2. 5 Fundamental Questions (Powerpoint if time)
3. Look at Q 8 & 9—make sure you know how to do least cost equation.
4. Run over answers to Chap. 1 Quiz.
5. Assign: Quiz on Chap. 2 and CR Question
Wed., 1/12
Topic: Complete Chap. 2
Agenda:
1. Wrap-up of Chap. 2
a. Least Cost Sample Q
b. Market Expansion/Contraction--why? Effects? Both resource markets & other product markets will also change.
c. "Invisible Hand"
2. Short Quiz on Chap. 2—grade in class
3. Unit 1 Constructed Response Q
4. Assignment: p. 45-50
Thurs., 1/13
Topic: Unit 2-Chap. 3
1. Hand back/Quickly run over Chap. 2 quiz—actually did a brief talk on California budget—Prop 13, how bad our economy is, etc.
2. Intro to Chap. 3
A. Competitive Markets
1. Many buyers & sellers
2. standardized goods
3. prices are “discovered” (think E-Bay) no one person or group sets the price.
B. Demand Schedule & Curve, individual vs. market demand from Charts—All Chapters Powerpoint—including—MB vs. MC section.
C. Law of Demand
1. Diminishing MU
2. Income effect
3. Substitution effect
5. Assignment: 1) pp. 50-53, focus on graphs on p. 51 & 52
Fri., 1/14-Chap. 3
Topic: Unit 2-Chap. 3
Agenda:
1. Supply & Demand Powerpoint--8 determinants of demand.
Mnemonic Device for Determinants of Demand:
T.astes;
Prices of R.elated Goods (substitutes & complements)
I.ncome
Number of B.uyers
E.xpectations
T.R.I.B.E
2. Start Activity #13
3. Start Activity #14
4. Supply—6 determinants —on whiteboard w/ examples of each.
Mnemonic device for determinants of supply:
R.esource Costs
O.ther Prices (substitutes & complements)
T.axes & subsidies
T.echnology
E.xpectations
N.umber of Suppliers
R.O.T.T.E.N.
5. Start Activity 16.
6. Assignment: p. 53-61—focus on graphs on p. 54, 57, 58, 60. Activity 13, 14 & 16.
Mon. 1/10-Chap. 1
Agenda:
1. Chap. 1 Appendix—all you need to know:
A. Price goes on vertical and Q on horizontal.
B. Infinite and Zero slopes.
2. Chap. 1--Review
A. Unlimited Wants; Limited Resources; marginality; utility; MB & MC; Free Lunch and ceteris paribus
3. Activity 2—last page especially.
4. Final Hints
5. Hand Out: Chap. 1 Quiz
6. Assignment: 1) Chap. 2 pp. 29-41 (Characteristics of the Market System and 5 Fundamental Questions are most important) 2) P. 42, Q 8 & 9.
Tues. 1/11
Topic: Chap. 2--Characteristics of the Market System and 5 Fundamental Questions.
Agenda:
1. Very brief review—9 Characteristics of markets
2. 5 Fundamental Questions (Powerpoint if time)
3. Look at Q 8 & 9—make sure you know how to do least cost equation.
4. Run over answers to Chap. 1 Quiz.
5. Assign: Quiz on Chap. 2 and CR Question
Wed., 1/12
Topic: Complete Chap. 2
Agenda:
1. Wrap-up of Chap. 2
a. Least Cost Sample Q
b. Market Expansion/Contraction--why? Effects? Both resource markets & other product markets will also change.
c. "Invisible Hand"
2. Short Quiz on Chap. 2—grade in class
3. Unit 1 Constructed Response Q
4. Assignment: p. 45-50
Thurs., 1/13
Topic: Unit 2-Chap. 3
1. Hand back/Quickly run over Chap. 2 quiz—actually did a brief talk on California budget—Prop 13, how bad our economy is, etc.
2. Intro to Chap. 3
A. Competitive Markets
1. Many buyers & sellers
2. standardized goods
3. prices are “discovered” (think E-Bay) no one person or group sets the price.
B. Demand Schedule & Curve, individual vs. market demand from Charts—All Chapters Powerpoint—including—MB vs. MC section.
C. Law of Demand
1. Diminishing MU
2. Income effect
3. Substitution effect
5. Assignment: 1) pp. 50-53, focus on graphs on p. 51 & 52
Fri., 1/14-Chap. 3
Topic: Unit 2-Chap. 3
Agenda:
1. Supply & Demand Powerpoint--8 determinants of demand.
Mnemonic Device for Determinants of Demand:
T.astes;
Prices of R.elated Goods (substitutes & complements)
I.ncome
Number of B.uyers
E.xpectations
T.R.I.B.E
2. Start Activity #13
3. Start Activity #14
4. Supply—6 determinants —on whiteboard w/ examples of each.
Mnemonic device for determinants of supply:
R.esource Costs
O.ther Prices (substitutes & complements)
T.axes & subsidies
T.echnology
E.xpectations
N.umber of Suppliers
R.O.T.T.E.N.
5. Start Activity 16.
6. Assignment: p. 53-61—focus on graphs on p. 54, 57, 58, 60. Activity 13, 14 & 16.
Due:
Assignment
Agenda for Jan. 5 - 7
WEDNESDAY 1/5-Chap. 1
Topic: Intro to Microeconomics
Agenda:
1. Handout: Do You Think Like An Economist?—Students have 10 or 15 minutes to fill this worksheet out. They will be asked to defend their answers, so right and wrong is less important than the reasoning they use to reach their conclusion. After they are finished, they will compare answers and argue amongst themselves. All answers are false. This is a cheap trick, but it is important to realize that they don’t really know anything about econ. The good news is that, unlike Spanish, which always has a bunch of native speakers screwing up the curve for everyone, in Econ you are all equally ignorant.
2. Lecture: Course Intro.—class website on overhead— www.miracostahigh.org
3. Download from site: Econ 1-Classroom Expectations—due on Tues., Sept. 7
a. AP does not equal IQ. This course is not a test of your intellect—it is a test of your diligence. Anyone can (and has) done well in this course. Show up, prepare, get an A.
1. Focus of the course is the AP exam. Approx. 85-90% of Costa students pass (84% last year), 60-65% receive 4s & 5s (20-25%-5) as against the nat’l pass rate of 62-65%. You can and should do well if you prepare. Last year, 3 students lost their college acceptance because of a D in this class. Don’t flake out—do the work and succeed.
2. Frequent quizzes and testing—-very frequent. The purpose of the homework assignments is to prepare you for tests. They are rarely graded. If you don’t do them, however, you will most likely do poorly on the exams.
4. Download from site—Econ 2-Course Outline—This is the student Bible. If it is on here, you need to know it.
5. On the side whiteboard: The daily and weekly agendas will be posted. If you are absent, you will be expected to get the information you need from the class website and return to class prepared.
6. Download from site—Econ 3-Exit Passes--guard these with your life--they are like money, not like traveler's checks. If you lose them, they are gone.
7. Textbook: If you have not already done so, you need to immediately acquire either the 17th or 18th edition of McConnell & Brue’s Microeconomics.
8. Download from site: Econ 4-Unit 1 Study Guide-Chap. 1 & 2.
9. Song: Plenty of Money and You.
a. How does the singer feel about money? Is money good or bad?
10. Assignment: 1) Chap. 1, pp. 3-10 (Stop at Quick Review 1.2 on p. 10); 2) Textbook Qs 3, 5 & 7 at end of chapter (both editions) 3) Signed Classroom Expectations due on Tues., Sept. 7.
9. Take Attendance
THURSDAY 1/6-Chap. 1
Topic: Chap 1-Scarcity & Choice/Budget Lines/PPCs
Agenda:
1. Opening—(I can’t get no) Satisfaction—The Rolling Stones
2. Gradebookwizard: Parent and Student letters—available as soon as school uploads info.
3. Lecture: Scarcity & Choice—-Notes from Chap. 1--Wants are unlimited but resources are scarce. Because of this—you must make choices!!!! The choices people make and why they make them are the heart (or twin hearts, if you prefer) of economics. Because of this—everything has a cost!!!
a. What this course is about—Dollars or Desires? We aren’t after $$$, we are after utility. What is utility?
b. Handout: Supply & Demand or Who gets the gold?
4. Free Lunch and ceteris paribus—what do they really mean.
5. PowerPoint: Powers of Economic Thinking
6. Assignment: A) Read Chap. 1, p. 10-18 (both editions)
FRIDAY 1/7-Chap. 1-PPCs
Agenda:
1. PowerPoint: Powers of Economic Thinking
2. Textbook Q#5-macro vs. micro
3. Testbook Q#7—Budget Lines
4. Just like there is a budget line for individuals, there is also one for an economy—it is called a Production Possibilities Curve—PPC
5. Resource categories: capital, entrepreneurship, land and labor = C.E.L.L.—which one does $$ fall under?
6. PPC Powerpoint: Production Possibilities Model--Movement along and of PPC.
7. Start Activity 2-Scarcity, Opportunity Costs and PPCs. Do at least Q. 1 & 2.
8. Assignment: Return signed Classroom Expectations on Mon.; Study for Chap. 1 Quiz.
WEDNESDAY 1/5-Chap. 1
Topic: Intro to Microeconomics
Agenda:
1. Handout: Do You Think Like An Economist?—Students have 10 or 15 minutes to fill this worksheet out. They will be asked to defend their answers, so right and wrong is less important than the reasoning they use to reach their conclusion. After they are finished, they will compare answers and argue amongst themselves. All answers are false. This is a cheap trick, but it is important to realize that they don’t really know anything about econ. The good news is that, unlike Spanish, which always has a bunch of native speakers screwing up the curve for everyone, in Econ you are all equally ignorant.
2. Lecture: Course Intro.—class website on overhead— www.miracostahigh.org
3. Download from site: Econ 1-Classroom Expectations—due on Tues., Sept. 7
a. AP does not equal IQ. This course is not a test of your intellect—it is a test of your diligence. Anyone can (and has) done well in this course. Show up, prepare, get an A.
1. Focus of the course is the AP exam. Approx. 85-90% of Costa students pass (84% last year), 60-65% receive 4s & 5s (20-25%-5) as against the nat’l pass rate of 62-65%. You can and should do well if you prepare. Last year, 3 students lost their college acceptance because of a D in this class. Don’t flake out—do the work and succeed.
2. Frequent quizzes and testing—-very frequent. The purpose of the homework assignments is to prepare you for tests. They are rarely graded. If you don’t do them, however, you will most likely do poorly on the exams.
4. Download from site—Econ 2-Course Outline—This is the student Bible. If it is on here, you need to know it.
5. On the side whiteboard: The daily and weekly agendas will be posted. If you are absent, you will be expected to get the information you need from the class website and return to class prepared.
6. Download from site—Econ 3-Exit Passes--guard these with your life--they are like money, not like traveler's checks. If you lose them, they are gone.
7. Textbook: If you have not already done so, you need to immediately acquire either the 17th or 18th edition of McConnell & Brue’s Microeconomics.
8. Download from site: Econ 4-Unit 1 Study Guide-Chap. 1 & 2.
9. Song: Plenty of Money and You.
a. How does the singer feel about money? Is money good or bad?
10. Assignment: 1) Chap. 1, pp. 3-10 (Stop at Quick Review 1.2 on p. 10); 2) Textbook Qs 3, 5 & 7 at end of chapter (both editions) 3) Signed Classroom Expectations due on Tues., Sept. 7.
9. Take Attendance
THURSDAY 1/6-Chap. 1
Topic: Chap 1-Scarcity & Choice/Budget Lines/PPCs
Agenda:
1. Opening—(I can’t get no) Satisfaction—The Rolling Stones
2. Gradebookwizard: Parent and Student letters—available as soon as school uploads info.
3. Lecture: Scarcity & Choice—-Notes from Chap. 1--Wants are unlimited but resources are scarce. Because of this—you must make choices!!!! The choices people make and why they make them are the heart (or twin hearts, if you prefer) of economics. Because of this—everything has a cost!!!
a. What this course is about—Dollars or Desires? We aren’t after $$$, we are after utility. What is utility?
b. Handout: Supply & Demand or Who gets the gold?
4. Free Lunch and ceteris paribus—what do they really mean.
5. PowerPoint: Powers of Economic Thinking
6. Assignment: A) Read Chap. 1, p. 10-18 (both editions)
FRIDAY 1/7-Chap. 1-PPCs
Agenda:
1. PowerPoint: Powers of Economic Thinking
2. Textbook Q#5-macro vs. micro
3. Testbook Q#7—Budget Lines
4. Just like there is a budget line for individuals, there is also one for an economy—it is called a Production Possibilities Curve—PPC
5. Resource categories: capital, entrepreneurship, land and labor = C.E.L.L.—which one does $$ fall under?
6. PPC Powerpoint: Production Possibilities Model--Movement along and of PPC.
7. Start Activity 2-Scarcity, Opportunity Costs and PPCs. Do at least Q. 1 & 2.
8. Assignment: Return signed Classroom Expectations on Mon.; Study for Chap. 1 Quiz.