In class students were introduced to the Consumption Possibilities Curve (Budget Line) and talked about utility maximization. Utility is maximized when the marginal utility per dollar of each good are equal.
The notes are attached below as is the homework.
Notes - Utility Maximization
HW - Quiz - Behind the Demand Curve
Read modules 52 and 53
***Answer Key - Surplus and Tax Incidence
Thursday, February 26, 2015
Tuesday, February 24, 2015
Surplus and Tax Incidence
In class student learned how to calculate consumer (willingness to pay - price) and producer surplus (price - cost). Afterwards, students learned about how taxes are levied and how the tax incidence affects consumer and producer surplus.
The notes and homework are attached.
Notes - Surplus and Tax Incidence
HW - Packet - Surplus and Tax Incidence
Read Module 51
***Answer Key - Elasticity Packet***
The notes and homework are attached.
Notes - Surplus and Tax Incidence
HW - Packet - Surplus and Tax Incidence
Read Module 51
***Answer Key - Elasticity Packet***
Wednesday, February 11, 2015
Elasticities cont.
In class we went over the quiz. If students would like to retake the quiz; do so as soon as possible.
Afterwards, students worked on an activity involving elasticities. I attached the document below and we will go over it next class.
The homework is listed below and the notes are attached.
Notes - Determinants of Elasticites
CW - Elasticity
HW - Finish Classwork
Read Module 50 (Consumer/Producer Surplus)
Afterwards, students worked on an activity involving elasticities. I attached the document below and we will go over it next class.
The homework is listed below and the notes are attached.
Notes - Determinants of Elasticites
CW - Elasticity
HW - Finish Classwork
Read Module 50 (Consumer/Producer Surplus)
Thursday, February 5, 2015
Other Elasticities
In class students learned about other elasticities:
1. Cross Price Elasticity of Demand - determines if goods are compliments/substitutes.
2. Income Elasticity of Demand - determines if goods are normal/inferior.
3. Price Elasticity of Supply - availability of resources to expand productions.
The homework is listed below and the notes are attached.
Notes - Other Elasticities
HW - Read Module 49 and 50
1. Cross Price Elasticity of Demand - determines if goods are compliments/substitutes.
2. Income Elasticity of Demand - determines if goods are normal/inferior.
3. Price Elasticity of Supply - availability of resources to expand productions.
The homework is listed below and the notes are attached.
Notes - Other Elasticities
HW - Read Module 49 and 50
Tuesday, February 3, 2015
Price Elasticity of Demand
In class students learned how to calculate the Price Elasticity of Demand. Students also learned the difference between elastic (PED > 1) and inelastic (PED < 1) goods.
The homework is listed below and the notes are attached.
Notes - Price Elasticity of Demand
HW - Study for Quiz #1 - Section 1 and 2
Read Module 48
The homework is listed below and the notes are attached.
Notes - Price Elasticity of Demand
HW - Study for Quiz #1 - Section 1 and 2
Read Module 48
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