AP Economics – 11/14/18
I. Bellwork
A. Draw a graph with a monopoly earning a profit – label all curves & show the profit
B. Draw a graph with a monopoly with a loss – label all curves & show the loss
II. Objectives
- Explain the effects of monopoly and perfect competition on society’s welfare
- Construct, analyze, and interpret graphs for monopolies to determine the profit maximization level, price, total revenue, total cost, and profit
III. Turn in Homework
IV. Notebook Work
- Check Your Understanding 1 & 2 page 621
V. Discussion
Monopoly Cause Inefficiency Page 624 Figure 62.1
PPT 4.1 Monopolies on iLearn
Allocative & Productive Inefficiency
Dealing with a natural monopoly
- Public Ownership
- Regulations
Page 626 Non Regulated & Regulates Monopoly Fig 62.2
VI. Homework
- 62.1 & 62.2
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