I.  Bellwork:  Graph for a Natural Monopoly Page 629 #2 II. Objectives Explain the meaning of Price Discrimination Discuss why price discrimination is common when producers have market power III.  Price Discrimination Read  pages 630-635 https://youtu.be/1kSk1Hu3TVM https://youtu.be/vihuK8JoK14?t=690 Figure 63.2 Price Discrimination P634 Micro 4.8 Price Discriminating Monopoly (First Degree) Second Degree Price Discrimination Perfect Price Discrimination The greater […]

I.  Bellwork:  on iLearn II.  Objectives: Discuss monopoly inefficiencies Construct, analyze, and interpret graphs for monopolies to determine the consumer surplus, producer surplus,and dead weight loss resulting from inefficiency III.  Discussion:   Review Pages 628-629 Homework IV.  Notebook:   A.  Monopolies are inefficient because they… Charge a higher price Don’t produce enough Not allocatively efficiency […]

I.  Bellwork Q&A   What is happening in the picture? (Not a fire.) Who is impacted? How are they impacted? Why do you believe this is being allowed? II.  Objective: Identify common circumstances related to market failures and the impact externalities have on society. Evaluate various explanations for actions or events and determine which explanation best […]

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 […]

I.  Bellwork On Learn   61.1 –Monopoly Demand and MR II.  Objectives: Identify the profit maximizing price and quantity for a monopoly Determine whether a monopoly is making a profit or loss Construct, analyze, and interpret economic models for a monopoly III.  Discussion Demand Curve for a Monopoly Figure 61.1 MR < P (to sell additional […]

I.  Bellwork The market for gizmos is perfectly competitive and firms are earning short-run positive profits. Draw correctly labeled side-by-side graphs of the market for gizmos and the profit-maximizing output of a typical gizmo producer. Identify the market output as Qm and the market price as Pm. Identify the firm’s output as Qf and the […]

I.  Bellwork on iLearn Q&A II.  Objectives: Explain why industry behavior differs in the short run and long run Analyze, construct interpret, and communicative  changes in the long run and their impact on profit and loss Distinguish between the short-run and long-run supply curve III.  Turn in HW IV.   Discussion Perfect Competition in the Long Run 3.6 […]

I. Bellwork Page 602 #2 a-e II.   Objectives Interpret short run graphs, analyzing MC, MR, ATC, and AVC to: Determine a perfectly competitive firm’s profit or loss Explain how a firm decides whether to produce or shut-down in the short-run Distinguish between the short-run and long-run supply curve III.   Discussion Short run Supply curve – […]

I.  Bellwork Page 601 #1 a,b & c II.  Objectives Interpret short run graphs, analyzing MC, MR, ATC, and AVC to: Determine a perfectly competitive firm’s profit or loss Explain how a firm decides whether to produce or shut-down in the short-run III.  Turn in Homework IV.  Classwork A.  Review Shut down information: P>AVC              […]

I.  Bellwork Page 593 Tackle the Test #2 II.  Objectives: Evaluate a perfectly competitive firm’s situation using a graph Determine a perfectly competitive firm’s profit or loss Explain how a firm decides whether to produce or shut-down in the short-run III.  Discussion:  “Micro 3.8 Perfect Competition in the Short Run A.  Perfectly competitive firms take […]