Economics – 5/24/2017

I.  Bellwork:

• Page 141- #34 Draw the diagrams & answer what happens to supply

II.  Objectives:

• Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence,
• Review and discuss changes in quantity supply, supply, the production function and use marginal analysis to make economic decisions.

III. Discussion

• Reteaching Chapter 5

IV.  Chapter 5 Test Tuesday:

• 5.1 iLearn Quiz
• Chapter 5 FlashCards
• Diagrams in Notebook
• Production Functions & Schedules
• Graph 2 supply curves on one graph and describe what occurred.
• Explain the difference between a change in quantity demand and a change in demand and illustrate each using graphs.

V.  Classwork:

A.  Production-Schedules-5-2 5-3 Activities

B.  Figure 5.6 Page 134 Questions & Answers

1. At what number of products is the break-even point in on the table achieved? Estimate a range.
2. At what number of workers is the profit-maximization level achieved on the table and explain why this choice is correct.
3. Explain the advantages e-commerce stores have over traditional stores? (Page 135)

Economics W2017