Monday
9/20

Activities:

Homework:

• Study for Quiz on Elasticity

(Wednesday)

Tuesday
9/21

Activities:

•  Discuss Activities  2-6 and  2-7
• Elasticity & impact on a tax (P & Q changes)
• Tax Incidence  
  (Who Bears the burden of the tax)
   
• Deadweight Loss


• Visual 8 Time and Elasticity of Supply

(ex. of Tomatoes)

Homework:

• Study for Quiz on Elasticity
• 
  
  

Helpful Videos for Review:

• ACDC Micro 2-6 Consumer & Producer Surplus (Dead Weight Loss) (3:43)
• ACDC Micro 2.5 Economics Price Controls(Floors & Ceilings) (1:31)
• Elasticity Practice w/ Mr. Clifford
• ACDC Micro 2-8 Excise Tax Practice (Who Bears the Burden etc. & Dead Weight Loss) (3:40)
• ACDC Micro 2-7 Tariffs & Quotas (6:51)
  
• ACDC Micro 2-3 Shifting Supply/Demand Practice (2:51) 

Wednesday
9/22

Activities:

• (Block)

  Quiz on Elasticity

• set up On-Line Textbook
• Cross Elasticity of Demand 
• Income Elasticity of Demand & Normal Good & Inferior Good
• Complete Activity 2-9
• 
  
• check out this link

Homework:

• 4 Phases of Understanding
  
• Print All Visuals for Unit 3 & place in notebook! incl. several copies of Graph Practice Sheet
• Complete Activity 3-1
  

Thursday
9/23

Activities:

• (Block) 
No Class

Homework:

• ACDC Micro 2.2  Surplus & Shortage (4:54)
  
• Monty Python Econ Movie (Marginal Analysis 5:27)
• AP Site practice Elasticity Questions
  
• Elasticity is most important!
  

• Elasticity Practice (13:11)

• McConnell & Brue 19th ed. Ch. 4 (Elasticity) 
  
• Determinants to be absolutely memorized so they are automatic (see link)
  
  
• Mr Clifford ACDC Elasticity Overview (6:59)

Friday
9/24

Activities:

• pass back quizzes?
  
• Circular Flow (diagram)
  
• ACDC Micro 1-1 The Big Picture (AP Econ Overview, "Circular Flow") (12:49)
  
• Review for Monday's Test
  

Homework:

• Study for Unit Test on Wednesday:  Basic Concepts/Nature & Function of Markets
  includes all activities from
  Unit 1 & 2 except 2-8)
  
• Great List of Review Concepts for Test
• Practice Multiple Choice Quiz
• Micro Unit 1 Answers to MC
• Micro Unit 2 Answers to MC

top of page

calendar

Monday
9/27

Activities:

• Unit Test on:  Basic Concepts/Nature & Function of Markets

Homework:

• Complete Activity 3-1
  
• Print:  All Visuals for Unit 3

Tuesday
9/28

Activities:

• Brief Overview of Competitive Markets
   (Vis 3-1)  Types of Market Structure 
  
• 7 types of Cost Curves
• Fixed Costs & Variable Costs (vis. 3-3), Average Cost Curves (vis. 3-4)
  
  MP & AP graph w/ MC & AVC graph
  
• Short Run v. Long Run
  
• worked on 3-2
  
  
• (Law of Diminishing Returns)  "Pizza Palace"
  
• '21-'22 3rd Period Pizza Palace Visual
• '21-'22 5th Period Pizza Palace Visual
  
  '20-'21 6th Period Pizza Palace visual

Homework:

•  
• ACDC Micro Unit 3 Intro- Costs of Production & Perfect Competition (2:51)
• ACDC Micro 3-1 Law of Diminishing Marginal Returns (5:30)
• ACDC Micro 3-2 Marginal Product & Marginal Cost (4:55)
• Complete Activity 3-2 &  3-3
  

Wednesday
9/29

Activities:

• (Block) 

• Go Over Cost Curves:  ***
  If MC<AVC then AVC falls, If MC>AVC then AVC rises, If MC=AVC then AVC is at Minimum. 
  (same relationship for MC & ATC)
  
•  
Implicit Costs, Explicit Costs, Normal Profit, Economic Profit, Accounting Profit

refer to fig. 8-1 (p. 162) (Bigger pic)


• Marginal Product & Marginal Cost (Vis3-2) & Marginal Product, Marginal Cost, Law of Diminishing Returns, & their relationship.
  
• Normal Profit = Zero Economic Profit
  
• Why ATC must be rising if MC>ATC & be falling if MC<ATC
• MC intersects vertex of AVC
  
• Micro Meditation.......... (6th period)
• Discuss Activities  3-2 &  3-3

Homework:

• Chapter 8  Businesses & the Costs of Production (pp. 160-171)

Thursday
9/30

Activities:

• (Block) 
No Class 

Homework:

Suggested Videos:

• ACDC Costs of Production Micro Topic 3.2
  (Part 1 of 2) (5:16)
• ACDC Costs of Production Micro Topic 3.2 (Part 2 of 2) (3:14)

Friday
10/1

Activities:

• pass back tests
• Introduce terms:
• Economies of Scale &
  Diseconomies of Scale (on the ATC curve)
  & compared with
  the Law of DMR (on the MC curve)
  
• showed how a LR ATC curve is created from successive SR ATC curves as a business would expand
  

Homework:

• Study for Costs of Production Quiz
  
• AP Classroom
  Cost of Production Practice Quiz
  
• Practice Quiz (18th ed.)
  
  
• Complete Activity 3-4

Monday
10/4

Activities:

• Costs of Production Quiz
• 
  
• Review: 7 types of Cost Curves, 3 types of Profit
• Short Run vs. Long Run  (LR ATC curve)
  
• Long Run Average Total Cost Curve 
   
  (Visual w/explanation)
• Differentiate b/t Short Run: (Increasing & Diminishing Returns) & Long Run: (Increasing, Constant, & Decreasing Economies of Scale ........pic)
• 
  
• Complete & Discuss Activity 3-4
  
• Law of DMR shown w/ MC Curve &
  Economies of Scale shown by ATC Curve
  
• Brief Overview of Characteristics of Perfect Competition (Market Characteristics)
  

Homework:

• ------------------------
• Chapter 9 Pure Competition in the Short Run(pp. 182-196
  
• Finish 3-4
• ------------------------
  

Tuesday
10/5

Activities:

• (Block) 
• Buckle seatbelts, we will be moving/flying......
  
• Paper Airplane Day ! 
  
• 2021-22 3rd Period Champ
  
•  2021-22 5th Period Champ
  
• 2020-21 2nd Period Champ
• 2020-21 6th Period Champ
• 2019-20 1st Period Champ
• 2019-20 2nd Period Champ
• 2018-19 2nd Period Champ
• 2018-19 5th Period Champ
• 2017-18 Champ
• (Vis 3-1)  Types of Market Structure
• Discuss Activity 3-1
  
• Intro Perfect Competition
• MR=MC determines Profit Maximizing (Q) OUTPUT for firms
• AR=MR=P=D for a firm in a perfectly competitive market  (Mr. P AR D)
• Meet my friend, "MR=P=AR=D"
• Shutdown Point
• 3 Rules of Production:
  
• [Rule #1: MR=MC Rule]
   
  [Rule #2:
  Price on Demand Curve at Profit Max Qf]
  
• First run through The 3 Rules of Production
  
• Rule #3: TR= or > TVC  (AR= or > AVC)
Day 1 Perfect Competition
main takeaways
• 
  

Homework:

• Must Read pp. 139-142 in Activity Book
  (applies to after the quiz)
  
  
• Complete 3-5 & Complete 3-6
  
  
• Print several copies of Graph Practice Sheet
• ACDC Micro 3-3 Cost Curves MC, ATC, AVC, AFC (2:46)  [ this is "Boot Donkey ! ]
  
• ACDC Micro Unit 3 Intro- Costs of Production & Perfect Competition (2:51)
  
• Must Know
  3 Rules of Production:

Wednesday
10/6

Activities:

• (Block) 
No Class

Homework:

• Chapter 9 Pure Competition in the Short Run(pp. 182-196)
  

Thursday
10/7

Activities:

• No School

Homework:

Friday
10/8

Activities:

• No School

Homework:

• ----------------------------
• 
  

Monday
10/11

Activities:

• No School

Homework:

Tuesday
10/12

Activities:

• Junior Day

Homework:

• Must Read pp. 139-142 in Activity Book
  (applies to after the quiz)
  
  
• Click on this video (3:18) (it refers to last Tues. class) before doing HW
• Complete 3-5 & Complete 3-6
  
  
• Print several copies of Graph Practice Sheet
• ACDC Micro 3-3 Cost Curves MC, ATC, AVC, AFC (2:46)  [ this is "Boot Donkey ! ]
  
• ACDC Micro Unit 3 Intro- Costs of Production & Perfect Competition (2:51)
  
• Must Know
  3 Rules of Production:

Wednesday
10/13

Activities:

• PSAT  No Class

Homework:

• see yesterday (same as last Tuesday)
  

Thursday
10/14

Activities:

• Day 1.5 Perfect Competition
  main takeaways
• graphing the MC & ATC & AVC curves
• Normal Profit = Zero Economic Profit
  
• practiced graphing the MC & ATC & AVC curves
• A Firm at LR Equilibrium has many relationships, for example:
  
  MR=MC,            MC=Min ATC, MR=P=AR=D,    P=Min ATC,
  P=MC,                AR=ATC,
  Zero Economic Profit = Normal Profit
  
• Discussed 3-5 & 3-6

Homework:

• Complete 3-7

Watch ACDC Videos

• ACDC Micro 3-5 Perfect Competition in the Short Run (3:34)
• ACDC Micro 3-4 The Shut Down Rule (2:21)
• ACDC Micro 3-7 MR=MC Practice (2:11)
• ACDC Micro 3-6 Perfect Competition in the Long Run (2:04)
• ACDC Micro 3-8 Graphing Perfect Competition (2:01)
  

Friday
10/15

Activities:

Homework:

Required:

• Complete: 
  -  the 2 FRQs given out in class. 
  -  Perfect Comp. Practice Quiz in  APClassroom:

• Chapter 9 Pure Competition (pp. 183-196)
  if you are interested
   
• Additional Practice questions in Reffonomics
• ----------------------------------
• Complete FRQs
  

Monday
10/18

Activities:

• Discuss: FRQs (2005 #1 & 2005B #2)
  Answers to FRQs 05 #1 & 05B #2)
• Characteristics of Perfect Competition
  (Vis 3-1)  Types of Market Structure 
  
• Graphing different situations
• [Rule #1: MR=MC Rule,
  Rule #2: Price on Demand Curve at        Profit Max Q,
  Rule #3: TR= or > TVC] (AR= or > AVC)


• Zero Profit=Zero Economic Profit
• AR=MR=P=D for a firm in a perfectly competitive market (Mr. P AR D)
• MC curve above AVC is individual firm's supply curve
• The Perfectly Competitive Firm and Industry in Short Run Equilibrium (Vis. 3-5)
• Vis 3-6 (Profit, Loss, and Shut-Down) Vis3-7(LR Equil) Shutdown Point
  
• Discussed difference b/t a Constant Cost Industry and Increasing Cost Industry and the effect on LR Supply in Industry. 
  
• deriving LR Supply Curve for: (p. 184 in text)
  Constant Cost Industry (horizontal)
  Increasing Cost Industry (up-sloping)
  & Decreasing Cost Industry (very rare)

Homework:

• Complete Activity 3-8  & 3-9
• Read Constant Cost Industry and Increasing Cost Industry (what we did in class today, pages 184-185)
• Remember the 3 Rules: still apply
• Study for Quiz on Costs of Production & Perfect Competition

Tuesday
10/19

Activities:

• Quiz on Costs of Production & Perfect Competition
  
  
• 
  
• How firms in Product Market adjust to market facing both Constant Cost & Increasing Cost Industries in Resource Market
  
• 
  
• Zero Profit=Zero Economic Profit= Normal Profit
• passed out 2017 #1 Open ......  Answer

Homework:

• Complete: 2017 #1 Open ......  Answer
  

• Complete Activities 3-8  & 3-9
  (if you have not already done so)

Wednesday
10/20

Activities:

• (Block) 
Discuss 2017 #1 Open ......  Answer
• Referred to Activities 3-8  & 3-9 Answers
• Complete & Discuss 2010 FRQ #1 ..........  Answer to FRQ
  
• Went over example of firm in PC developing production improvement ahead of industry
  
  
• Visual 7 (The Perfectly Competitive Firm and Industry in Long Run Equilibrium),  Visual 8 (Increase in Demand Changes LR Equilibrium for the Firm and Industry), Visual 9 (Decrease in Demand Changes LR Equilibrium for the Firm and Industry) 


• Also briefly mentioned a "Decreasing Cost Industry" (computers in '90s when technology imand leading to lower costs as Quantity increased)

• Began Monopoly PPT
• Characteristics of Monopoly: Single Seller, No Close Substitutes, Price Maker, Barriers to Entry, Non-Price Competition
  
• Explained why MR<D (Price)
  for a monopolist  (p. 218)
• Explained why Monopolist always operates in the elastic portion of their demand curve (Remember TR Test)
• Why is P>MR for a Monopolist?
• Vis3-10 Price & MR for a Monopolist & 
  Vis3-11 The Profit-Max Position of a Monopoly

•  

Homework:

• Complete 3-10 & 3-11
  
  
• Ch. 11 pp.  214-224 (Monopoly)
  
• ------------------------------------
• ACDC Micro 4-1 Monopoly Demand & MR (4:42)
• ACDC 4-1 Monopoly Demand & MR (4:42)
• ACDC Micro 4-4 Elastic & Inelastic Range of Demand for Monopolies (1:58)

Thursday
10/21

Activities:

• (Block) 
No Class

Homework:

• Remember the 3 Rules:
• Complete 3-10 & 3-11
  

Friday
10/22

Activities:

Homework:

• Remember the 3 Rules:
• Complete 3-12
  
  
• Finish Monopoly Handout
  
• Ch. 11 pp.  214-224 (Monopoly)
•