Oct 03

AP Economics – 10/03/19

I  Bellwork-   Page 499 Figure 50.1   – SHOW YOUR WORK

  1. Calculate the consumer surplus in the demand curve as it intersects the vertical axis at $50
  2. Calculate the producer surplus in the supply curve as it intersects the vertical axis at $15
  3. Calculate the total surplus

II. Objectives:

  • Calculate using data from a graph 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

III.  Review Classwork

  • Pages 496-497 (1-2) & (1-5)

IV.  Classwork