I.  Bellwork::  https://www.youtube.com/watch?v=ZUFJJqO-ZMI How is the price of a product set for a perfectly competitive firm? How would you describe the demand curve for a perfectly competitive market? Is it inelastic, elastic, perfectly inelastic or perfectly elastic? Why is the price of a product in this market structure set the way it is? What causes […]

I.  Bellwork:  Page 584-585 1-6 Write out answers II.  Objectives Conduct marginal analysis by completing a production schedule and constructing an economic model Create and interpret economic models based upon production data in order to form decisions. III. Test Tomorrow IV.  Review Free Response Questions iLearn Practice Test  

I.  Bellwork Page 543 1-5 write out answers II.  Objectives Conduct marginal analysis by completing a production schedule and constructing an economic model Create and interpret economic models based upon production data in order to form decisions. II.  Classwork Production-Schedules-5-2-5-3-Activities-1 Review emphasize material in each section Section 9B Test Review on iLearn- Complete before class […]

I.  Bellwork Page 538 Free Response #2 a-d (show your work) II.  Objectives Perform Marginal Analysis Determine the profit maximizing level of output using the optimal output rule Analyze, interpret and construct economic models to solve problems and make decisions III.  Discussion:  Profit Maximization pgs. 539-542 Total Revenue = P x Q Profit = TR – […]

I.  Bellwork Page 581 Check Your Understanding  a-d Tackle the Test 1-5 II.  Objectives: Explain the difference between explicit and implicit costs and there importance in decision making Describe the different types of profit:  accounting , economic, and normal Calculate profit III.  Discussion Defining Profit p 533-536 Formula for Profit Differentiate between Explicit & Implicit Costs […]

I.  Bellwork Page 718-719 Tackle the Test 1-5 II.  Objective: Explain the meaning and dimension of market structure Describe the four principal types of market structures III.  Module 57 Introduction to Market Structure pgs. 572-581 Perfect Competition Conditions for Perfect Competition Monopolies Oligopoly Monopolistic Competition Market Structures https://youtu.be/9Hxy-TuX9fs Perfect Competition https://youtu.be/61GCogalzVc IV.  Notes:  Figure 57.2 Page 581 […]

I.  Bellwork Page 571 Tackle the Test 1-5 (write out answers) II.  Objectives Explain how firms determine the optimal input mix Apply the cost Minimization rule for employing inputs Analyze and interpret economic models III.  Discussion:  The Cost Minimizing  Input Combination Pages 715-717 A.  Labor & Capital  as Substitutes and Complements B.  Notebook:   Explain the […]

I.  Bellwork Page 562 Tackle the Test 1-5 write Answers II  Objectives Explain why a firm’s cost may differ between the short run and long run Describe how a firm can enjoy economies of scale Interpret and explain graphic models representing costs in the long run III.  Discussion Module 56 Long Run Costs & economies of […]

I.  Bellwork Page 550 Tackle the Test 1-5 (write out answers) II. Objectives Describe the various types of cost a firm faces: variable, fixed, and total costs Explain how a firm’s costs generate marginal cost curves and average cost curves Interpret and explain graphic models representing costs III.  Discussion:  Firm Cost Module 55 – pgs […]

I.  Bellwork . On Google Classroom- Write response II.  Objective: Explain why production is often subject to diminishing returns to inputs Use data to construct production functions to determine optimal levels of production Analyze and interpret data in order to make decisions III.  Turn in Homework 3.1 IV.  Test Corrections for Extra Points V. Discussion:  […]