Dec 10

AP Economics – 12/11/19

I.  Bellwork

  • Page 698 FRQ #2 a-c

II.  Objectives:

  • Determine supply and demand in the markets for land and capital
  • Find the equilibrium in the land and capital markets
  • Explain how the demand for factors leads to the marginal productivity theory of income distribution

III.  Module 70 Markets for Land and Capital pages 699-703

A   Land and Capital

1. Demand in the Markets for Land and Capital

2. Supply in the Markets for Land and Capital

2. Equilibrium in Land and Capital Markets

B.  Marginal Productivity Theory

IV.  Examine the Following:

  • Figure 70.1 p.700
  • Figure 70.2 p.703

V.  Classwork/Homework on iLearn Section 13 Folder

  • 70.1 WS
  • 70.2 WS

VI.  Staple everyone’s work together when you give it to the sub

      Bellwork- one pile    Classwork – one pile

Dec 09

AP Economics – 12/10/19

I.  Bellwork

A.  p.697 Check Your Understanding 1 & 2 a & b

II.  Objectives:

  • Complete a production schedule and graph a production function determining marginal product and identifying the various stages of production
  • Create and interpret economic models based upon production data in order to form decisions.

III.  Classwork:  Section 13 Folder

  • 5.1- MRP, MRC, and Hiring Workers
  • Page 697 MC Questions 1-5 Letter and Answer
Dec 08

AP Economics – 12/09/19

I.  Bellwork

  • List the four factors of production and provide an example for each

II.  Objectives

  • Describe features that make markets for factors of production—resources like land, labor, and capital—different from goods markets
  • Explain how factor markets determine the factor distribution of income
  • Discuss how the demand for a factor of production is determined

III.  Introduction and factor Demand pages 688-696

A.  The Economy’s Factors of Production

  1. The Factors of Production
  2. Why Factor Prices Matter: The Allocation of Resources
  3. Factor Incomes and the Distribution of Income
  4. The Factor Distribution of Income in the United States

B.  Marginal Productivity and Factor Demand

  1. Value of the Marginal Product
  2. Value of the Marginal Product and Factor Demand
  3. Shifts of the Factor Demand Curve

IV.   Practice

A. Add a column and determine marginal product

B.  Add a column to the table and compute VMPL. Suppose the price of lemonade is $2 per cup.

C.  If the wage of a lemonade stand worker is $8, how many units of labor will be hired?

V.  Classwork

Micro Unit 5, Question 8- Hiring Workers

Found in Section 13 Folder on iLearn (Module 69 – Student

  1. Worksheet 69.2: Hiring Workers
  2. Worksheet 69.3: Value of the Marginal Product
Dec 05

AP Economics – 12/06/19

I.  Objectives

  • Analyze 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
  • Explain the role and methods used to promote differentiation in monopolistic competition

II. Exam Modules 64-68 – iLearn

Dec 04

AP Economics – 12/05/19

I  Bellwork

  • Page 686 2 a-c

II.  Objectives

  • Analyze 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
  • Explain the role and methods used to promote differentiation in monopolistic competition

III. Classwork

Pages 684-686 MC 10-20

IV. Exam Review

  • MC Modules 64-68 – iLearn
  • Section 12 FRQ Review – iLearn

V. Exam Friday

Dec 03

AP Economics – 12/04/19

I  Bellwork

  • Page 686 1 a-c

II.  Objectives

  • Analyze 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
  • Explain the role and methods used to promote differentiation in monopolistic competition

III. Exam Review

  • MC Modules 64-68 – iLearn
  • Section 12 FRQ Review – iLearn

IV. Exam Friday

Dec 02

AP Economics – 12/03/19

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

  1. Differentiation by Style or Type
  2. Differentiation by Location
  3. Differentiation by Quality

B. Controversies about Product Differentiation

  1. The Role of Advertising
  2. Brand Names

IV.  Classwork (Turn in Today)

A.  Explain how oligopolists and monopolistic competitors benefit from product differentiation.

B.  Use the outline above in Section III to explain and provide two examples for each of the enumerated subtopics  in A & B.

C.  Page 681

  • Multiple Choice 1-5
  • Free Response 1-2
Dec 02

AP Economics – 12/02/19

I.  Bellwork:  iLearn 67.1 Worksheet

  • Copy & Label the Graph – Answer the Questions

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
  • Examine how changes in cost impact  monopolistic competition and why it operates at less than capacity

III.  Turn in Homework

IV. Monopolistic Competition =  “Monopoly” + ”Competition”

Monopolistic Qualities

·         Controls price of own good due to differentiated product

·         D greater than MR

·         Plenty of Advertising

·         Not efficient

Perfect Competition Qualities

·         Large number of smaller firms

·         Relatively easy entry and exit

·         Zero Economic Profit in Long-Run since firms can enter

V.   Classwork

·         Page 674 MC 1-5

·         Page 675 Tackle the Test #2

·         Extra Credit?

VI.  Homework:    4.5 Monopolistic Competition Sheet

Nov 25

AP Economics – 11/26/19

I. Bellwork Page 665

  • 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 Monopolistic Competition

III. Review Yesterday’s Work

IV. Discussion Module 67

V  Classwork

  • Worksheet 67.2 & 67.3 on iLearn

VI.  Homework

  • on iLearn Section 67 Monopolistic Competition
Nov 24

AP Economics – 11/25/19

I.  Bellwork (Open in a new tab)

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 in the real world

III.  Oligopolies in Practice Pages 658-666

A.  The History of Anti-Trust Laws

B.  Tacit Collusion and Price Wars

  1. Large Numbers
  2. Complex Products and Pricing Schemes
  3. Differences in Interests
  4. Bargaining Power of Buyers

C. Nonprice Competition and Price Leadership

  • product differentiation
  • advertising
  • branding

IV.  Classwork:  Page 665

A.  Check Your Understanding 1a-e

B.  On iLearn:  Module 66 Oligopoly in Practice