Oct 14

AP Economics – 10/14/19

I.  Bellwork p. 546

Explain the difference between the long run and the short run in economics. Provide examples.

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.  Turn in All Homework & Test Corrections

IV.  Discussion:  Production Function Pgs 545-549

V.  Classwork/ Homework

  • Pg 550 #1 & MC 1-5
  • 3.1 Production Function on iLearn
Oct 10

AP Economics -10/10/19

I.  Bellwork

A.  Briefly summarize the article below using CER (claim, evidence and reasoning) 3pts

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

  • Graph and Calculate the change in consumer surplus, producer surplus, resulting from excise taxes
  • Graph and calculate the deadweight loss and revenue from taxes resulting from an excise tax
  • Determine the impact of an excise tax on consumer and producer surplus as well as discuss the incidence of a tax.

III.   Classwork:  

  • Worksheet 2.9 on iLearn 

IV. Due Yesterday

Page 528-531  MC 1-17 & FRQ #1

V.  Homework

  • Test corrections – see sheet on the blog
Oct 09

AP Economics – 10/09/19

I. Objectives:

  • Determine the impact of excise taxes on consumer surplus, producer surplus, deadweight loss and tax revenue.
  • Explain the significance of cross price elasticity of  and identify criteria that determine demand and supply elasticity.
  • Analyze and interpret economic models in accordance with concepts presented in the text.

II.  Module 9 Exam

A.  FRQ on iLearn

B. MC on iLean

Oct 08

AP Economics – 10/08/19

I. Bellwork:  How to calculate deadweight loss

A. Questions: Using the graph from the video

SHOW YOUR WORK

a. What is the quantity of the tax?

b. How much of that tax is paid by sellers and how much by consumers?

c. What is the change to consumer and producer surplus? 

Objectives:

Analyze, interpret, and construct economic models in order to solve a problem

Determine the impact of an excise tax on consumer and producer surplus as well as discuss the incidence of a tax

Explain and demonstrate the impact of price ceiling and price floors and consumer and producer surpluses

ievaluate information and apply tests in order to determine elasticity

Classwork

Page 528-531  MC 1-17 & FRQ #1

Section 9 Test Review on iLearn

Test tomorrow  – Modules 46-50

Oct 07

AP Economics – 10/07/19

I.  Bellwork – Show your Work

A. For the graph determine:

  1. Cs before the tax
  2. Cs after the tax
  3. Ps before the tax
  4. Ps after the tax
  5. Total Surplus after the tax
  6. Total tax revenue
  7. Bonus – Calculate Deadweight loss

II Objectives:

  • Graph and Calculate the change in consumer surplus, producer surplus, resulting from excise taxes
  • Graph and calculate the deadweight loss and revenue from taxes resulting from an excise tax
  • Determine the impact of an excise tax on consumer and producer surplus as well as discuss the incidence of a tax.

III.   Classwork:  Classwork Pages 512 – 513

  • Checking Your Understanding #2
  • Tackle the Test MC 1-5

iV.  Homework

  • Worksheet 2.9

V. Test Wednesday Section 9

Review on iLearn

Oct 04

AP Economics – 10/04/19

I. Bellwork

II.   Objective:

  • Construct economic models and calculate the change in consumer surplus and producer surplus resulting from excise taxes
  • Construct economic model and calculate the deadweight loss and revenue from taxes resulting from an excise tax

III.  Discussion/Notes

Taxes on Producers- Microeconomics 2.11 ACDC Econ

Deadweight Loss, Consumer & Producer Surplus- Microeconomics 2.7 (Holiday Edition)

Taxation and dead weight loss | Microeconomics | Khan Academy

IV.   Classwork

  • Worksheet 2.7 on iLearn
Oct 03

AP Economics – 10/03/19

I  Bellwork-   Page 499 Figure 50.1   – SHOW YOUR WORK

  1. Calculate the consumer surplus in the demand curve as it intersects the vertical axis at $50
  2. Calculate the producer surplus in the supply curve as it intersects the vertical axis at $15
  3. Calculate the total surplus

II. Objectives:

  • Calculate using data from a graph 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.  Review Classwork

  • Pages 496-497 (1-2) & (1-5)

IV.  Classwork

Oct 01

AP Economics – 10/02/19

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.  Discussion/Notebook

IV.  Classwork

  • Pages 496-497 (1-2) & (1-5)

V.  Homework

Oct 01

AP Economics – 10/01/19

.I.  Bellwork

A.  Page 484 #2

II.  Objectives:

  • Explain the meaning of 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

III.  Discuss:  Consumer and Producer Surplus pages 485-496

IV.  Classwork: on iLearn

49.1 & 49.4 Worksheet

Sep 29

AP Economics – 9/30/19

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. The shop decides to raise the price to $6.90 and the sales of smoothies drop to 1200 per week.

A.  Using the midpoint formula, calculate the elasticity of demand for smoothies and determine whether it is elastic, inelastic, or unit elastic.

B.  Using the total revenue test determine the elasticity of demand.

II.  Objectives:  

  • Measure the responsiveness of demand to changes in the prices of substitutes and complements
  • Analyze how normal and inferior goods are impacted by income elasticity of demand.
  • Explain the significance of the price elasticity of supply and identify situations the influence supply elasticity.
  • Evaluate various explanations for changes in elasticity and determine which explanation best accords with textual evidence,

III.  Discussion:  Other Price Elasticities Pages 477-482

A.  Cross Price Elasticity – Substitutes and Complements

B.  Income Elasticity of Demand

  • +Normal Good
  • -Inferior Good
  • Income elastic >+1
  • Income inelastic <1

C.  Price Elasticity of Supply

  1.  Determinants of Supply Elasticity
  • Availability of Inputs
  • Time

Elasticity of Demand and Supply Coefficients- Micro Topic 2.4 and 2.5

IV.  Notebook P 482 Table 48.1

V. Classwork

  • Page 483 1-3 show work and 1-5 Q&A