I  Bellwork Page 686 1 a-c II.  Objectives Collaborate with others to: Construct and interpret graphs for short run and the long run for firms operating in markets characterized as being an oligopoly or monopolistic competition. Determine the quantity, prices, profits and firm responses in the short run and the long run III.  Classwork A.  Write […]

I.  Bellwork iLearn Worksheet 67.1 – draw the graph and label the parts II.  Objectives: Construct and interpret graphs for short run and the long run for firms operating in markets characterized as being an oligopoly or monopolistic competition. Determine the quantity, prices, profits and firm responses in the short run and the long run III.  […]

I.  Bellwork Page 675 Free Response #2 II.  Objectives: Explain why oligopolists and monopolistic competitors differentiate their products Discuss the economic significance of advertising and brand names III.  Module 68 Product Differentiation and Advertising Pgs. 676-680 A.  How Firms Differentiate Their Products Differentiation by Style or Type Differentiation by Location Differentiation by Quality B. Controversies […]

I. Bellwork Page 674 Multiple Choice 1-5 Letter and Answer II.  Objectives Determine the prices and profits in both in the short run and the long run for Monopolistic Competition Construct and interpret graphs for short run and the long run monopolistic competition .Compare long run equilibrium on Perfect competition to long run equilibrium in […]

I.  Bellwork:  Page 666 Tackle the Test FRQ2 a-c II.  Objectives Determine the prices and profits in both in the short run and the long run Explain how monopolistic competition can lead to inefficiency and excess capacity Construct and interpret graphs for short run and the long run monopolistic competition. III.  Notebook   A.  List […]

I.  Bellwork Pages 657 #2 2a, b, & c II.  Objectives: Discuss the legal constraints of antitrust policy Explain how repeated interactions among oligopolists can result in collusion in the absence of any formal agreement Explain the cause and effect of price wars, product differentiation, price leadership, and nonprice competition Describe the importance of oligopoly […]

I.  Bellwork Based upon the Payoff Matrix below: Does McDonald’s have a dominant strategy?  Explain. Does Burger King have a dominant strategy?  Explain Is there a Nash/Non-cooperative equilibrium/ Explain II.  Objectives: Explain the payoffs, dominant strategies, and Nash equilibrium given a payoff matrix Examine the demand curve for a firm operating in a noncollusive oligopoly […]

I.  Bellwork Q&A A.  https://www.cnbc.com/2018/06/07/opec-meeting-on-june-22-likely-to-see-disagreements.html –Why do some oil producing nations prefer to restrict output to keep prices high? –Why do others prefer a lower price strategy? –How does the article illustrate the difficulty of maintaining collusion? II.  Objectives: Use game theory to enhance your understanding of oligopoly Analyze a prisoners’ dilemma using a payoff matrix […]

I.  Bellwork: A.  Page 641 Explain ADM’s actions. Explain how fast food companies compete. II.  Objectives: Explain why oligopolies have an incentive to ac in ways that reduce their combined profit. Explain why oligopolies can benefit from collusion Determine the meaning of words and phrases as they are used in economics III. Turn in Homework […]

I.  Bellwork: Page 640 – Graphing 1a & 1b III.  Objectives: Collaborate to revie and correct mistakes related to monopolies and perfectly competitive markets. Analyze and interpret graphically information related to monopolies and perfectly competitive markets. III.  Huge Test Tuesday – Sections 52-63 IV.  Loser Bonus – One chance on doing Review on iLearn tonight […]