Oct 25

AP Economics -10/25/19

I. Bellwork

Page 581 Check Your Understanding & Tackle the Test 1-5

II. Objectives:

  • Construct, analyze and interpret economic models relating to MC, ATC, and MR to determine profit maximization and industry entry and exit by firms
  • Explain and calculate using data from a graph or table various measures of productivity and short/long run costs.
  • Define (using graphs where appropriate) key terms and concepts relating to production, marginal analysis, and profit maximization.

III. Classwork

  • AP Classroom Problems – together in class
  • Homework – iLearn Review

IV. Exam Monday -Section 10 (Module 52-57)

Oct 23

AP Economics – 10/24/19

I.  Bellwork

  • Page 543 Tackle the Test 1-5

II.  Objectives:

  • Explain the meaning and dimension of market structure
  • Describe the four principal types of market structures
  • Analyze and interpret economic models relating to MC, ATC, and MR to determine profit maximization and industry entry and exit by firms.

III. Something that will be coming up:

IV.  Module 57 Introduction to Market Structure pgs. 572-581

V.  Notebook:  Figure 57.2 Page 581

VI.  Classwork:  iLearn 3.5- Perfect Competition Practice

Oct 22

AP Economics – 10/23/19

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 – TC
  • Marginal Revenue = Chg in Total Revenue/Chg Quantity
  • Marginal Cost= Chg in Total Cost /Chg Quantity
  • Profit Maximizing Quantity of Output  occurs when MC = MR

Maximizing Profit Practice- Micro Topic 3.5

Maximizing Profit Under Competition

2006 FR #2 on iLearn

IV.  Classwork

Micro Unit 3, Question 9 – Maximizing Profit

53.1 WorksheetFile on iLearn

  • Page 543 Check Your Understanding 1-2
  • Page 544 Free Response #2
Oct 21

AP Economics – 10/22/19

I.  Bellwork Page 570-571

  • Tackle the Test 1-5 & FRQ #2

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

Micro 3.7 Economic Profit and Costs

  • Formula for Profit
  • Differentiate between Explicit & Implicit Costs
  • Accounting Profit v. Economic Profit v. Normal Profit – Brace Map

IV. Classwork 

  • Worksheet 52.1 & 52.2 on iLearn
Oct 20

AP Economics – 10/21/19

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 short and long run

III.  Discussion Module 56 Long Run Costs & Economies of Scale Pgs . 564-569

Long Run Total Cost Curve

Returns to Scale and Economies to scale

Long-run Average Total Cost and Economies of Scale

Economies of Scale and Long-Run Costs- Micro Topic 3.3

IV.  Classwork

3.3 Economics of Scale Practice

V.  Homework

  • AP Classroom – Questions from  past two sections
Oct 17

AP Economics – 10/18/19

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 Scale Pgs . 564-569

IV,  Classwork

  • 3.3 Economics of Scale Practice
Oct 16

AP Economics – 10/17/19

I.  Bellwork

Page 562 Check Understand 1a – Show formulas and work

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 552-562

A.  Videos:

  1. Costs of Production- Microeconomics 3.3 (Part 1)
  2. Cost Curves- Microeconomics 3.3 (Part 2)
  3. Short-Run Cost Curves (Part 3)- Micro Topic 3.2

IV. Classork

  • 3.2 Cost of Production Practice on iLearn
  • Page 562 MC 1-5 & FRQ #2
Oct 15

AP Economics – 10/16/19

I.  Bellwork

  • Page 551 Free Response #2

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 552-562

A. How Nintendo loses money on every Wii U

B.  Concepts

  • TC = FC + VC
  • MC = Chg TC / ChgQ
  • ATC = TotalCost / Quantity of Output
  • AFC = Fixed Cost ./ Quantity of Output
  • AVC = Variable Cost / Quantity of Output
  • Spreading Effect-p. 558
  • Diminishing Returns Effect-p. 558

C.  Videos:

  1. Costs of Production- Microeconomics 3.3 (Part 1)

  2. Cost Curves- Microeconomics 3.3 (Part 2)
  3. Short-Run Cost Curves (Part 3)- Micro Topic 3.2

IV. Classork

3.2 Cost of Production Practice

Oct 14

AP Economics – 10/15/19

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.  Discussion:  PPT on iLearn

V.  Classwork Page 550