I.  Bellwork Graphing – Section 9 Test II.   Objectives: Discuss the importance of the firm’s production function, the relationship between quantity of inputs and quantity of output Explain why production is often subject to diminishing returns to inputs Use data to construct production functions to determine optimal levels of production III.  Discussion:  Production Function Pgs […]

I, Objectives:  Determine the impact of excise taxes on consumer surplus, producer surplus, deadweight loss and tax revenue. Utilize marginal analysis to find the optimal consumption bundle Explain the significance of cross rice elasticity of  and identify situations that influence supply elasticity.   II.  Section 9 Exam A.  MC on iLean B.  Graph on iLearn

I.  Bellwork 51.2 Utility Maximization on iLearn Complete 1-3 II.  Objectives: Determine and explain  consumer and producer surplus and their relationship to the demand and supply curves. Interpret and construct graphs based upon information provided to determine consumer and producer surpluses Graph and calculate the deadweight loss and revenue from taxes resulting from an excise […]

I.  Bellwork Explain why producers often need to offer discounts in order to get consumers to buy additional units. II  Objectives: Explain how the principle of diminishing marginal utility applies to the consumption of most goods and services Analyze and interpret economic modules in order to determine optimal solutions Construct economic models and calculate marginal […]

I.  Bellwork A.  Briefly summarize the article below using CER (claim, evidence and reasoning) 3pts https://www.yahoo.com/finance/news/ford-prepares-mass-layoffs-losing-002618564.html B.  Explain the tariff’s impact on consumer surplus and producer surplus. 2pts C.  Explain how dead weight loss is involved. 1 pt II.  Objectives Analyze and summarize current events identifying the evidence supporting the reasoning of a claim.  Determine […]

I.  Bellwork – Show your Work A. For the graph determine: Cs before the tax Cs after the tax Ps before the tax Ps after the tax Total Surplus after the tax .Total tax revenue Bonus – Calculate Deadweight loss   II Objectives: Graph and Calculate the change in consumer surplus, producer surplus, resulting from […]

I  Bellwork-   Page 499 Figure 50.1   – SHOW YOUR WORK Calculate the consumer surplus in the demand curve as it intersects the vertical axis at $50 Calculate the producer surplus in the supply curve as it intersects the vertical axis at $15 Calculate the total surplus II.   Objective: Graph and Calculate the change in […]

I.  Bellwork Page 497 Tackle the Test #2 II.  Objectives: Calculate total consumer and producer surplus by applying the triangle area formula. Explain and demonstrate the impact of price ceiling and price floors and consumer and producer surpluses Construct economic models to represent consumer and producer surplus III.  Turn in Homework IV.  Discussion/Notebook Formula for […]

I.  Bellwork A.  Provide an example of one of the following Describe a time you bought something for a lot less than what you were originally willing to pay for it. OR Describe a time you sold something for a lot more than what you thought you originally wanted as the selling price. II.  Objectives: […]

I.  Bellwork (Show Your calculations) The local smoothie shop sells smoothies for $6.00 each. Doing so, they have sold 1500 smoothies a week for the past year. athey decides to raise his price to $6.90 and sees the sales of smoothies drop to 1200 per week.   A.  Using the midpoint formula, calculate the elasticity […]