Oligopoly in Practice

In class we finished our discussion on oligopolies.  Afterwards, students worked on a classwork assignment related to the market structure.

The notes and homework assignment are attached.

Notes - Oligopoly in Practice

HW/CW - Oligopoly
                - Read Modules 67 and 68

Quiz/Game Theory

In class students took a quiz on perfect competition and monopoly.  Afterwards, stednts were introduced to game theory (ex. prisoner's dilemma) and a classic example of game theory in the market for oligopoly is whether or not to spend money on advertising.

The notes are attached and the homework is listed below.

Notes - Game Theory

HW - Read Module 66

Quiz Review/Oligopoly

In class we reviewed the market for perfect competition and monopoly.  The quiz will be on Thursday.  It would be in your best interest to read the chapter summary and look through the multiple choice/extended response questions in Section 11 as a means of review.

Afterwards, students were introduced to an oligopoly, which is a market with few firms, products many be standardized or differentiated and there are barrier to entry.  Towards, the end of class we briefly got into Game Theory and will look at it more next class. 

The notes are attached and the homework is listed below.



HW - Read Modules 65/66
          Study for Quiz
          *Any make-up work due by Friday 3/27

Price Discrimination/Section 11 Review

In class students learned about price discrimination which is charging different customers different prices for the same good or service.  We see price discrimination in the airline industry with business travelers versus vacation travelers.

Afterwards, we reviewed the two markets we focused upon during the section: a perfectly competitive market and monopoly.

The notes are attached and the homework is attached/listed below.

Notes - Price Discrimination

Notes - Section 11 Review

HW - Section 11 Practice Quiz
          Read Modules 64 and 65 (Oligopoly)
          Complete Monopoly Packet

Monopoly

In class students were introduced to the market for a monopoly and saw how the market is inefficient as there is deadweight loss. 

The notes and homework are attached.

Notes - Monopoly

HW -  Monopoly Packet
        - Read Module 63 and Chapter Summary
        *Make-up work ASAP

Perfect Competition - from the SR to the LR

In class students completed a quiz on section 11.  Afterwards, we looked at three curves...the short-run individual supply curve, the market supply curve and the long-run market supply curve.

The notes and homework are attached below.

Notes - Perfect Competition SR->LR

HW - Packet - Perfect Competition
          Read Modules 61 and 62

Introduction to Perfect Competition

In class we reviewed the various topics from section 10 "Behind the Supply curve," as a means of reviewing for the quiz on Friday.  The review notes are attached:

Notes - Section 10 Review

Afterwards, we went over the review quiz which was for homework and I have attached the answer key.

Answer Key - Review Quiz - Section 10

Finally, we covered modules 58 and 59 in class on perfectly competitive markets and saw how the cost curve (specifically a firms marginal cost curve) becomes the firms supply curve.

The notes are attached and the homework is listed below.

Notes - Introduction to Perfect Competition

HW - Study for Quiz on Section 10
          Read Module 60

Market Types

In class, we went over the take home quiz which focused on elasticity's.   Afterwards, we went over the handout on production costs.  Students should be familiar with the shapes of the following curves: MC, AFC, AVC and ATC.  Finally, students were introduced to the four types of markets (perfect competition, monopoly, oligopoly and monopolistic competition) that we will be discussing in depth in the near future.

Answer Key - Handout - Production Costs

Notes - Types of Markets

HW - Review Quiz - Behind the Supply Curve
         Read Modules 58-60 (Perfect Competition)
       
*Quiz Friday - Section 10

Firm Costs/Long Run Costs and Economies of Scale

In class, students learned about fixed costs, variable costs and marginal cost.  Students also used data to figure out Average Fixed Costs (spreading effect), Average Variable Costs (diminishing returns effect) and Average Total Costs (U-shaped for most industries). 

Afterwards, students took a look at various short-run average total cost curves to make decisions about the long-run. 

The notes and homework are attached.


Notes - Average Cost Curves and Economies of Scale


HW - Complete HW Packet
         Read Modules 56 and Modules 57

Profit, Profit Maximazation and The Production Function

In class we went over Module 52, 53 and 54.  Students learned about the difference between accounting profit and economic profits (implicit costs).  Students also learned how  a firm maximizes profit (when marginal revenue = marginal costs).  Lastly, students were introduced to the production function and learned about fixed vs. variable input costs.

The homework is listed below and the notes are attached.

Notes - Profit, Profit Maximization and The Production Function

HW - Read Module 55 and 56