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
Oct 28

Economics – 10/28/19

I.  Bellwork:  Figure 5.6 Page 134  Questions & Answers

  1. At what number of products is the break-even point in on the table achieved? Estimate a range.
  2. At what number of workers is the profit-maximizing level of output achieved on the table and explain why this choice is correct.
  3. Explain the advantages e-commerce stores have over traditional stores? (Page 135)

II Objectives

  • Construct and analyze the production function and other decision making models which are used to make business decisions.
  • Determine the meaning and functions of words and phrases used to make economic decisions
  • Create a hypothetical business and differentiate between variable and fixed costs incurred in the operation of the business.

III.  Classwork

IV.  Chapter 5 test on Wednesday