I. Bellwork: on iLearn
Examine and compare various options to make financial decisions (selections) on H & R Block Budget Challenge Discuss, analyze, and compare data to make informed financial decisions
III. Discuss: Budget Challenge
A. Go to
Budget Challenge Registration
1. Create Your Account: Registration Code: KPRXISB
2. Discuss & Make Vendor Selections for Budget Challenge
I. Bellwork (Show Your calculations)
The local smoothie shop sells smoothies for $6.00 each. Doing so, they have sold 1500 smoothies a week for the past year. The shop decides to raise the price to $6.90 and the sales of smoothies drop to 1200 per week.
A. Using the midpoint formula, calculate the elasticity of demand for smoothies and determine whether it is elastic, inelastic, or unit elastic.
B. Using the total revenue test determine the elasticity of demand.
Measure the responsiveness of demand to changes in the prices of substitutes and complements Analyze how normal and inferior goods are impacted by income elasticity of demand. Explain the significance of the price elasticity of supply and identify situations the influence supply elasticity. Evaluate various explanations for changes in elasticity and determine which explanation best accords with textual evidence,
III. Discussion: Other Price Elasticities Pages 477-482
Cross Price Elasticity – Substitutes and Complements
Income Elasticity of Demand
+Normal Good -Inferior Good Income elastic >+1 Income inelastic <1
Price Elasticity of Supply
Determinants of Supply Elasticity
Availability of Inputs Time
Elasticity of Demand and Supply Coefficients- Micro Topic 2.4 and 2.5
IV. Notebook P 482 Table 48.1
Page 483 1-3 show work and 1-5 Q&A
I. Bellwork –
Build a Bear Promotion
Summarize what occurred and why. Explain in terms related to demand if this result should have been expected.
Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence. Explain the difference between a change in demand and a change in quantity demand Identify and examine factors that cause a change in demand Determine the meaning of words and phrases as they are used in a text
III. Discuss:Determinants Demand
Reasons (3) the Demand Curve Slopes Downward Factors Causing a change in Demand
V. Notebook Work: (This is on your next iLearn Quiz)
I. Bellwork Question & Answer 1-3
Construct economic models to explain the difference between a change in demand and a change in quantity demand Identify and examine factors that cause a change in demand Determine the meaning of words and phrases as they are used in economics discipline
III. Discuss: 4-2 Factors Affecting Demand pages 97-101
Notebook Work: (This is on your next iLearn Quiz)
V. Demand Curve Quiz
A. Summarize the article below
B. Explain why is this happening, what are the options for the consumers and how they are impacted . How does this relate to elasticity/inelasticity.?
Determine the central ideas and summarize concepts by paraphrasing them in relation to elasticity Analyze, interpret and construct economic models to determine demand elasticity Integrate and evaluate information presented in order to determine demand elasticity from utilization of demand elasticity tests.
III. Discussion Pages 458-464
A Demand Elasticity & Inelasticity – Elasticity of Demand
. Calculating Price Elasticity of Demand
%Change in Qd / %Change in P Midpoint Method:
Worksheet 46.4: Elasticity of Demand Calculation
Practice: The price of college tuition increased from $20,000 to $22,000 per year. Enrollment by first year students declined from 500 to 400.
Total Revenue Method
Substitutes Proportion of Income Luxury or necessity Addictive Time
P465 Check Your Understanding #2 P465 1-5 Letter and Answer
I. Bellwork: on iLearn
II. Learning Objectives
Analyze and record cash transactions using source documents. Analyze and record transactions for buying and paying on account. Interpret and record financial transactions following a multi-step procedure outlined in the text.
III. Discussion: PPT Chapter 3
Journalizing transactions Paid cash for Insurance Bought supplies on Account Paid Cash on Account
IV. Classwork Page 69
OWP 3-2 Review Application Problem 3-2 on MindTap
I. Bellwork: Questions & Answers
When an owner invests money into their company, what account is debited and what account is credited? When supplies are bought with cash, what account is debited and what account is credited?
Interpret financial transactions and prepare the related journal entries by applying the 4 steps to journalizing Properly record accounting transactions in a journal in accordance to GAAP
III. Classwork: Page 64
3-1 Working Together & On Your Own
Classwork/Homework- on Mindtap
3-1 Working Together & On Your Own 3-1 Application Problem
Article: How do retailers use elasticity to increase sales?
Questions & Answers
Do fake discounts increase quantity demanded like actual price decreases? Should such fake sales be illegal?
Interpret and construct graphs demonstrating elastic and inelastic demand explaining their differences Determine the various type of elasticities and their formuals Calculate and describe the relationship between elasticity and total revenues Identify the factors that determine price elasticity
III. Interpreting Price Elasticity of Demand Pages 467-474
Elasticity and the Total Revenue Test- Micro 2.9
B. Notebook WorK
1 468 Copy Figure 47.1 – Explain what each graph means.
2 Formula for perfect elasticity, perfect inelasticity, elastic, inelastic, unit elastic
3. Draw and label:
An inelastic demand curve An elastic demand curve
D. Total Revenue/Expenditure Test ..
Price Effect\ Quantity Effect
E. Factors Determining Price Elasticity (4)
IV. Exit Assignment Review on Page 475
Construct and interpret Demand Schedules and Demand Curves
Provide a conclusion that follows from and reflects upon what is experienced, observed, or resolved.
III. Discussion/Notebook Work: Constructing Demand Curves
IV. Quick Review of Topics
B. Market Demand Curve –
VI. Demand Curve Quiz Tomorrow
I. Bellwork: Questions & Answers
Page 57 Critical Thinking 1-2 Q&A
Define what a journal is and explain why it is used to record transactions. Compare and contrast different types of source documents. Identify the four parts of a journal entry. Orally explain the importance of source documents and how they are used in journalizing transactions
P. 58 Journalizing P. 59 Source Documents (Objective Evidence) Journalizing Transaction (At least 2 accounts)
Pgs 60-61 Source Documents – Circle Map Page 62 Journalizing Steps 4 – Sequence Map
V. Classwork: Page 64