{"id":17948,"date":"2019-11-05T20:59:19","date_gmt":"2019-11-06T01:59:19","guid":{"rendered":"https:\/\/iblog.dearbornschools.org\/farhoud\/?p=17948"},"modified":"2019-11-05T22:24:18","modified_gmt":"2019-11-06T03:24:18","slug":"ap-economics-11-06-19","status":"publish","type":"post","link":"https:\/\/iblog.dearbornschools.org\/farhoud\/2019\/11\/05\/ap-economics-11-06-19\/","title":{"rendered":"AP Economics &#8211; 11\/06\/19"},"content":{"rendered":"\n<p><strong>I.\u00a0 Bellwork<\/strong>\u00a0<\/p>\n\n\n\n<p>A.  The market for gizmos is perfectly competitive and <strong>firms are earning short-run positive profits.<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Draw correctly labeled<strong> side-by-side graphs<\/strong> of the market for gizmos and the profit-maximizing output of a typical gizmo producer.<\/li><li>Identify the <strong>market output<\/strong> as Qm and the market price as Pm.<\/li><li>Identify the <strong>firm\u2019s output<\/strong> as Qf and the firm\u2019s price as Pf.<\/li><li> Identify the area that corresponds to positive profit. <\/li><\/ol>\n\n\n\n<p>B.\u00a0 Assume the market for gizmos is a constant cost industry. In the long run, how will the following change?<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>The number of gizmo producers in the market.<\/li><li>The price of gizmos.<\/li><\/ol>\n\n\n\n<p><strong>II.&nbsp; Objectives:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Construct and Interpret graphs for perfectly competitive industries and firms demonstrating the long run and short run impact based upon changes in supply and demand<\/li><li>Differentiate between&nbsp; cost-constant, increasing cost, decreasing cost industry.<\/li><\/ul>\n\n\n\n<p><strong>III Turn in Your Homework<\/strong><br><\/p>\n\n\n\n<p><strong>IV.&nbsp; Discussion<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>PPT 3.6 Long Run Cost-constant, Increasing cost, and Decreasing cost industry.<\/li><li><strong>Allocative efficiency<\/strong> = ( Price(marginal benefit)=MC)<\/li><li><strong>Productive Efficiency<\/strong> = (Price (MR) = Minimum point of ATC) cost minimized<\/li><\/ul>\n\n\n\n<p><strong>V.\u00a0 Classwork<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Page 612 Check Your Understanding 1-2<\/li><li>Page 612-613 Tackle the Test 1-6<\/li><\/ul>\n\n\n\n<p><strong>VI.  Homework<\/strong><\/p>\n\n\n\n<p>Perfect Competition on AP Classroom<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I.\u00a0 Bellwork\u00a0 A. The market for gizmos is perfectly competitive and firms are earning short-run positive profits. Draw correctly labeled side-by-side graphs of the market for gizmos and the profit-maximizing output of a typical gizmo producer. Identify the market output as Qm and the market price as Pm. Identify the firm\u2019s output as Qf and [&hellip;]<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95],"tags":[],"class_list":["post-17948","post","type-post","status-publish","format-standard","hentry","category-ap-micro-economics-f2019"],"_links":{"self":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/17948","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=17948"}],"version-history":[{"count":2,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/17948\/revisions"}],"predecessor-version":[{"id":17954,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/17948\/revisions\/17954"}],"wp:attachment":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/media?parent=17948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/categories?post=17948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/tags?post=17948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}