Economics – 11/19/2015

I.   Bellwork (Discuss the cases with your fellow students and write a complete response.

A.) Your store is constantly selling out of a certain cologne.

  • Explain what can you conclude about the cologne’s current price in regards to equilibrium?
  • Explain what should you do?

B.) The cost of attending college is becoming increasingly expensive and more difficult for many students to afford.

  • Explain the positive outcomes that would occur if the government put a cap or limit on college tuition?
  • Explain what negative consequences may occur?

  II.  Objective

  • Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence.
  • Analyze the impact of a change in public policy (price ceilings and price floors) on consumers, producers, workers, savers, and investors.

III. Discussion – Pgs. 156-161 Social Goals & Market Efficiency

IV.   Price Controls Bridge Map – Price Floor & Price Ceiling

V.   iLearn Quiz ends Saturday @ 11:55 pm

VI.  Equilibrium graph quiz

 


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