Oct 30

AP Economics – 10/31/19

I.  Bellwork

  • Page 601 #1 a,b & c

II.  Objectives

Interpret short run graphs, analyzing MC, MR, ATC, and AVC to:

  • Determine a perfectly competitive firm’s profit or loss
  • Explain how a firm decides whether to produce or shut-down in the short-run

III.  Turn in Homework

IV.  Classwork

A.  Review Shut down information:

  • P>AVC         continue producing
  • P<AVC          shut-down  /stop producing (short run)
  • P<ATC         shut-down (long run)

B.  Page 601 #1-5

V.  Quiz on iLearn

Oct 30

Accounting – 10/31/19

I.  Bellwork: When A Check You Wrote (Or Received) Bounces

A.  Questions & Answers

  1. What are two fees associated with writing bad checks?
  2. What does NSF stand for?
  3. What are 4 things you can do if you write a bad check?
  4. What is  Michigan’s returned check fee?

II.  Objectives:

  • Record a deposit on a check stub.
  • Endorse checks using blank, special, and restrictive endorsements.
  • Prepare a check stub and a check.

III.  DiscussionNotebook

  • Types of Endorsements
  • Completing a Check
  • Review Steps in Completing a Check Stub

IV.   Classwork

  • Working Together & On Your Own (p. 128).
  • Application Problem 5-1 (pg. 149).
Oct 30

Economics – 10/31/19

I.  Bellwork

Is Uber’s Surge-Pricing an Example of High-Tech Gouging?

  • 3-2-1 Strategy- After reading the article, write and complete the following statements: (Must use 5 or more words)
    • Three things I discovered/learned:
    • Two things I found interesting:
    • One question I have about this topic:

II Objective

  • Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market.
  • Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence

III.    Discussion:

IV.   Videos –  Rationing

V.   Notebook Work–

  • Section 6-1 Notes from iLearn
    • Brace Map – Advantages of Prices & Problems with Rationing

VI.  Classwork

  • Page 143  Vocabulary (6)
  • Page 146 Q&A 2-7
Oct 30

AP Economics – 10/30/19

I. Bellwork: on Google classroom

II.  Objectives:

  • Evaluate a perfectly competitive firm’s situation using a graph
  • Determine a perfectly competitive firm’s profit or loss
  • Explain how a firm decides whether to produce or shut-down in the short-run

III.  Discussion:  “Micro 3.8 Perfect Competition in the Short Run

A.  Perfectly competitive firms take the market price – graph

B.  Review:

1.  Profit maximization Quantity of Output – Graph p.590

2.  Minimum Average Total Cost – Graph p591

  • ATC is at its lowest point & intersects MC
  • P=ATC (Break-even point)

C.  Short-Run Production Shut down Rule

  1.  Fixed Costs – do not change with production (exist even if you don’t produce)
  2.  Variable costs – increase with production (stop if you shut down)
  3.  Shut-Down Rule

P>AVC         continue producing

P<AVC          shut-down  /stop producing (short run)

P<ATC         shut-down (long run)

IV.  Classwork on iLearn

  • 59.1-59.2 & Exit 59

V.  Quiz on Tomorrow on Sections 58 & 59

Oct 29

Accounting – 10/30/19

I. Bellwork

Budget Challenge – Healthcare Quiz & Update Spreadsheet

II.   Objectives:

  • Analyze and record financial transactions of a check register
  • Properly complete checks when given a transaction and record them on a check register
  • Explain the process of writing checks and recording checking transactions on a register

III.  Classwork

A.  Booklet:  Making the Right Money Moves

  • Check Register on Google Classroom
Oct 29

Economics -10/30/19

I. Bellwork

A. Turn in Review Sheet

B. MLA heading on a separate sheet of paper

II.  Objectives:

  • Apply concepts and terminology involving supply and quantity supply
  • Perform marginal and cost analysis to determine profit, profit-maximization, and the break-even point of production.

III.  Chapter 5 Exam

  • Part 1- Constructive Response
  • Part 2 – Selected Response
Oct 28

AP Economics – 10/29/19

I.  Bellwork:  https://www.youtube.com/watch?v=ZUFJJqO-ZMI

  1. How is the price of a product set for a perfectly competitive firm?
  2. How would you describe the demand curve for a perfectly competitive market? Is it inelastic, elastic, perfectly inelastic or perfectly elastic?
  3. Why is the price of a product in this market structure set the way it is? What causes that?
  4. In long-run equilibrium, what holds true for perfectly competitive firms regarding TR and TC?
  5. What kind of profit do perfectly competitive firms realize in the long run?

II.  Objectives:

  • Determine the profit-maximizing quantity of output for a price taking firm
  • Assess whether or not a competitive firm is profitable
  • Interpret economic models to form decisions on costs, profit, and production

III.  Discussion:  Perfect Competition 588-592

  • Examine Table 58.1   p589
  • Price Taker – what does that mean???
  • MR = Price under Perfect Competition
  • Price-taking firm’s optimal output rule p 589
  • Copy Figure 58.1 p591
  • Accounting Profit v Economic Profit

TR/Q =Average Total revenue & market price (P)

TC/Q = Average total cost (ATC)

TR=TC (Break-even)    or P=ATC

TR>TC (Profit)             or P>ATC p595 graph

TR<TC (Loss)             or P<ATC p595 graph

See 3.5 PPT on iLearn – start on slide 12

IV.  Classwork

  • Page 592 1-2 &  Page 593 1-5
  • 3.5 Perfect Competition Practice
Oct 28

Accounting – 10/29/19

I.   Bellwork

Fake check scam on the rise and targeting young people

  1. Explain how the scam works.
  2. Explain what you should do if someone you don’t know offers you a check in exchange for cash?

II Objectives:

  • Analyze and record financial transactions of a check register
  • Apply the proper steps to write checks and record them on a check register
  • Explain the process of writing checks and recording checking transactions on a register

III.  Classwork

  • Booklet:  Making the Right Money Moves
  • Check Register on Google Classroom
Oct 28

Economics – 10/29/19

i.  Bellwork:

A.  Economics Skills Lab Supply Questions & Answers

  1. Identify the natural resource that is the focus of the article.
  2. What is impacting the supply of this resource?
  3. Based upon your previous answer, what determinant of supply would this be classified as?
  4. Construct a supply graph to illustrate this change in supply and explain what is happening.

II Objectives:

  • Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence.
  • Review and discuss changes in supply and the determinants of supply.
  • Develop, orally share, and write a sample goal plan for class focusing on a course of action to attain the goal through the use of self reflection, thinking maps, and group discussion.
  • Collect and provide documentation supporting Chapter 5 learning objectives.

III. Classwork

IV.   Review for Chapter 5 Test Tomorrow

  • iLearn Questions
  • Diagrams in Notebook
  • Read Chapter 5