For each graph below identify what is happening to demand or quantity demand.
- Explain the difference between a change in demand and a change in quantity demand
- Construct and interpret economic models demonstrating changes in demand and quantity demand based upon various scenarios/factors.
III. Classwork – Review Changes in Quantity demand and Changes in Demand
IV. Homework on iLearn
Page 497 Tackle the Test #2
- Calculate total consumer and producer surplus by applying the triangle area formula.
- Explain and demonstrate the impact of price ceiling and price floors and consumer and producer surpluses
- Construct economic models to represent consumer and producer surplus
- Pages 496-497 (1-2) & (1-5)
I. Bellwork: Page 75 1-5 Questions & Answers
- Demonstrate when to end and how to start a new journal page.
- Identify and correct errors using standard accounting practices.
- Interpret and record financial transaction in the general journal.
III. Budget Challenge Checkup – Start Tomorrow
IV. Discussion PPT 3-4
V. Classwork Page 80
- Working Together 3-4
- On Your Own 3-4
A. Page 484 #2
- 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
IV. Classwork: on iLearn
49.1 & 49.4 Worksheet
A. Illustrate using 2 separate graphs:
- a change in quantity demand
- a change in demand
- Identify and analyze factors that influence demand elasticity.
- Review and discuss concepts and principles relating to demand.
- Integrate and evaluate multiple sources of information presented in diverse formats in order to determine demand elasticity or inelasticity.
III. Turn in Homework
V. Notebook Work
A. Draw and label:
- An inelastic demand curve
- An elastic demand curve
VI. Open Note – Quiz Section 4.1 & 4.2
I. Bellwork: Questions & Answers
A. When you make a sale on account, what is the account
B. When you make a cash sale, what is the account
C. When an owner withdraws cash, what is the account
- Analyze and record transactions that affect owner’s equity.
- Analyze and record sales and receipts of cash on account
- Utilize the 4-step process to record entries on the general journal
III. Discussion: PPT Chapter 3 on iLearn
- Transactions Affecting Owner’s Equity
IV. Classwork: Page 75
Watch the video below & Add this to your sheet
3-3 Working Together Video
- 3-3 Working Together & 3-3 On Your Own
- 3-3 Application Problem