AP Economics – 9/27/2018
I. Bellwork
A. Create a graph for housing at equilibrium. Show graphically what would happen if the government instituted a price ceiling. Explain the impact on Price, Qd, and Qs..
B. Create a graph for milk at equilibrium. Show graphically what would happen if the government instituted a price floor. Explain the impact on Price, Qd, and Qs..
II. Objective
- Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, surpluses, and shortages.
- Graphically demonstrate and explain the affects of price ceilings, prices floors and quotas on price and quantity.
III. Test Review:
- Know how to graph equilibrium, shortage, surplus. Price ceiling , price floor, and quotas. Explain the impact of a price ceiling or price floor on Price Qd, and Qs. Example Page 79 #1
- Change in Qd, Change in Qs, determinants that change Demand, and determinants that change Supply
- Review previous iLearn Quiz
- Discuss Questions on Pages 100-103
- Additional practice questions on iLearn
IV, Chapter 2 test Tomorrow
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