{"id":16360,"date":"2018-11-01T22:15:03","date_gmt":"2018-11-02T02:15:03","guid":{"rendered":"http:\/\/iblog.dearbornschools.org\/farhoud\/?p=16360"},"modified":"2018-11-02T10:40:54","modified_gmt":"2018-11-02T14:40:54","slug":"ap-economics-11-02-18","status":"publish","type":"post","link":"https:\/\/iblog.dearbornschools.org\/farhoud\/2018\/11\/01\/ap-economics-11-02-18\/","title":{"rendered":"AP Economics &#8211; 11\/02\/18"},"content":{"rendered":"<p><b>I.\u00a0 Bellwork<\/b><span style=\"font-weight: 400;\">:: \u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=ZUFJJqO-ZMI\">https:\/\/www.youtube.com\/watch?v=ZUFJJqO-ZMI<\/a><\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> How is the price of a product set for a perfectly competitive firm?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> How would you describe the demand curve for a perfectly competitive market? Is it inelastic, elastic, perfectly inelastic or perfectly elastic?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Why is the price of a product in this market structure set the way it is? What causes that?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> In long-run equilibrium, what holds true for perfectly competitive firms regarding TR and TC?<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> What kind of profit do perfectly competitive firms realize in the long run?<\/span><\/li>\n<\/ol>\n<p><b>II.\u00a0 Objectives:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Determine the profit-maximizing quantity of output for a price taking firm<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Assess whether or not a competitive firm is profitable<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Interpret economic models to form decisions on costs, profit, and production<\/span><\/li>\n<\/ul>\n<p>III.\u00a0\u00a0<b>Discussion: \u00a0Perfect Competition 588-592<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Examine Table 58.1 \u00a0\u00a0p589<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Price Taker &#8211; what does that mean???<\/span><\/li>\n<li><span style=\"font-weight: 400;\">MR = Price under Perfect Competition<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Price-taking firm&#8217;s optimal output rule p 589<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Copy Figure 58.1 p591<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Accounting Profit v Economic Profit<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">TR\/Q =Average Total revenue &amp; market price<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TC\/Q = Average total cost<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TR=TC (Break-even) \u00a0\u00a0\u00a0or P=ATC<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TR&gt;TC (Profit) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0or P&gt;ATC p595 graph<\/span><\/p>\n<p><span style=\"font-weight: 400;\">TR&lt;TC (Loss) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0or P&lt;ATC p595 graph<\/span><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=Z9e_7j9WzA0\"><span style=\"font-weight: 400;\">https:\/\/www.youtube.com\/watch?v=Z9e_7j9WzA0<\/span><\/a><\/p>\n<p>See 3.5 PPT on iLearn &#8211; start on slide 12<\/p>\n<p>IV.\u00a0\u00a0<b>Classwork<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Page 592 1-2 &amp; \u00a0Page 593 1-5<\/span><\/li>\n<li><span style=\"font-weight: 400;\">3.5 Perfect Competition Practice<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>I.\u00a0 Bellwork:: \u00a0https:\/\/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 [&hellip;]<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89],"tags":[],"class_list":["post-16360","post","type-post","status-publish","format-standard","hentry","category-ap-economics"],"_links":{"self":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/16360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/comments?post=16360"}],"version-history":[{"count":0,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/16360\/revisions"}],"wp:attachment":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/media?parent=16360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/categories?post=16360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/tags?post=16360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}