AP Economics – 10/05/2018
I. Bellwork
A. Provide an example of one of the following
- Describe a time you bought something for a lot less than what you were originally willing to pay for it.
OR
- Describe a time you sold something for a lot more than what you thought you originally wanted as the selling price.
II. Objectives:
- Explain the meaning of consumer and producer surplus and their relationship to the demand and supply curves.
- Interpret and construct graphs based upon information provided to determine consumer and producer surpluses
III. Discuss: Consumer and Producer Surplus pages 485-496
- Willingness to Pay
- Changing Prices and Consumer Surplus
- Producer Surplus and Cost
- Changing Prices and Producer Surplus
IV. Classwork
- TRM 49.1 & 49.4
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