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Attention!† †Click Here†for the†2016-2017 Bell Schedule.
Announcements
AP Gov/Econ Music Video Projects
"All My Life" by Caleb Bates and group
/modules/groups/homepagefiles/gwp/14584/5245621/File/Econ%20Movie%20-%20Medium.mov

"Sue" by Jefferson & group
https://www.youtube.com/watch?v=9XCicA4wnVI

"Constitutional Values" by the Zweigles
https://www.youtube.com/watch?v=oLu0Ex5Npkk

"Econ During Wartime" by Aaron & group
https://www.youtube.com/watch?v=br9VOUuK7Tw

Econ Friends Theme Song by Saumya & group
https://www.youtube.com/watch?v=ekK2_r9MJf0
Video project links
Video project links can be emailed to vanessa_aranda@redlands.k12.ca.us.


Political biographical sheet
Fill out this this form at the link below
https://goo.gl/forms/tGii2XEw5nP0NpKw1
AP Micro REVIEW VIDEO LINKS
Lorenz Curve & Gini Co-efficient
https://www.youtube.com/watch?v=ns9f2FOc26M
https://www.youtube.com/watch?v=AQWN_DqcHG4&t=1s

Labor Markets i.e. Push-Up Machine Concept (Hire workers until MRP Marginal Revenue Product = MRC Marginal Resource Cost)
https://www.youtube.com/watch?v=xLSRMt-wWAM
https://www.youtube.com/watch?v=7Bv5YdVHN3E

Mr. Clifford's "Micreconomics
: Everything You Need to Know" 28 minutes
https://www.youtube.com/watch?v=1UxA6JzoT-4

Mr. Clifford's "MICROeconomics 19 Minute Review"

https://www.youtube.com/watch?v=JRlREpsr348


Top 10 Economic Concepts Reviewed from "No Bull Economics." Each of the 10 video segments are between 2 and 7 minutes and each covers a different major topic to review for the AP exam.
https://www.youtube.com/watchv=eBD5hQVwi2o&list=PL6Wif_YLq5jhw5Lx_J0u1kgQ9_l9EN29m


3 minute overview of "Every Graph You Need to Know for the Micro Exam"
https://www.youtube.com/watch?v=bSv5ioRsNtY

​​

Excellent AP Micro Review website www.ReviewEcon.com
Utility Maximization Youtube Link (Tuesday's content if you will be at AP Calc exam)
Microeconomics Practice Problem - Utility Maximization Using Marginal Utility and Prices (published by jodieecongirl)
https://www.youtube.com/watch?v=68qzgNOYvNQ
AP Micro: Ch. 19 (Earnings & Discrimination) Extra Credit Presentation Link
Extra Credit Option for Ch. 19 on Earnings & Discrimination. Open Google Slides link for instructions. Be prepared to present on Monday, May 8 during class.
https://docs.google.com/presentation/d/12rUDVeRlif7H8OwBpZqdaHgzCB-waX56pA6acYYd2_8/edit?usp=sharing
Ch. 11and 14 Assessments
Join our Quizlet AP Micreconomics class at
https://quizlet.com/join/ZJQzuK2rf

Take Ch 11 and 14 assessment at this site
http://cws.cengage.co.uk/mankiw_taylor/students/mcqs.htm

If done early, practice AP Gov questions posted on our AP Gov website

Albert Review site for AP Microeconomics
Practice questions and feedback
Create a free account at https://www.albert.io/signup/student
Class Enrollment Code: K2T2FC
14-5 Chapter 14 Quick Quizzes
1. When a competitive firm doubles the amount it sells, what happens to the price of its output and its total revenue.
2. How does the price faced by a profit-maximizing competitive firm compare to marginal cost? Explain. When does profit-maximizing competition firm decide to shut down? When does a profit-maximizing firm decide to exit a market?
3. In the long run with free entry and exit, is the price in a market equal to the marginal cost, average total cost, both, or neither? Explain with a diagram.
Chapter 12 and 13 Quick Quizzes
Chapter 12 Quick Quizzes
  1. What are the two most important sources of tax revenue for the federal government? What are the two most important sources of tax revenue for state and local governments?
  2. What is meant by the efficiency of a tax system? What can make a tax system inefficient?
  3. Explain the benefits principle and the ability-to-pay principle? What are vertical equity and horizontal equity? Why is studying tax incidence important for determining equity of a tax system?

Chapter 13 Quick Quizzes
  1. Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth of seeds on his farm. What opportunity cost has he incurred? What cost would his accountant measure? If the seeds will yield $200 worth of crops, does McDonald earn an accounting profit? Does he earn an economic profit?
  2. If Farmer Jones plants no seeds on his farm, he gets no harvest. If he plants 1 bag of seeds, he gets 3 bushels of wheat. If he plants 2 bags, he gets 5 bushels. If he plants 3 bags, he gets 6 bushels. A bag of seeds costs $100, and seeds are his only cost. Use these data to graph the farmerís production function and total-cost curve. Explain their shapes.
  3. Suppose Hondaís total cost of producing 4 cars is $225,000 and its total cost of producing 5 cars is $250,000. What is the average total cost of producing 5 cars? What is the marginal cost of the 5th car? Draw the marginal cost curve and the average-total-cost curve for a typical firm, and explain why these curves cross where they do.
Ch. 10 Externalities Quick Quizzes

1. Give an example of negative externality and a positive externality. Explain why market outcomes are inefficient in the presence of externalities.

https://www.youtube.com/watch?v=00HPak2RLlQ
2. Give an example of a private solution to an externality. What's the Coase theorem? Why are private economic participants sometimes unable to solve the problems caused by an externality?

3. A glue factory and a steel mill emit smoke containing a chemical that is harmful if inhaled in large amounts. Describe three ways the town government might respond to this externality. What are the pros and cons of each solution?
Ch. 8 Quick Quizzes
1. Draw the supply and demand curve for cookies. If the government imposes a tax on cookies, show what happens to the quantity sold, the price paid by buyers, and the price paid to sellers. In your diagram, show the deadweight loss from the tax. Explain the meaning of the deadweight loss.
2. The demand for beer is more elastic than the demand for milk. Would a tax on beer or a tax on milk have larger deadweight loss? Why?
3. If the government doubles the tax on gasoline, can you be sure the revenue from the gasoline tax will rise? Can you be sure that the deadweight loss from the gasoline tax will rise? Explain.
Ch. 7 Quick Quizzes
Ch. 7 Quick Quizzes: Consumers, Producers, & the Efficiency of Markets
1. Draw a demand curve for turkey. In your diagram, show a price of turkey and the consumer surplus that results from that price. Explain in words what the consumer surplus measures.
2. Draw a supply curve for turkey in your diagram, show a price of turkey and the producer surplus that results from that price. Explain in words what this producer surplus measures.
3. Draw the supply and demand for turkey. In the equilibrium, show producer and consumer surplus. Explain why producing more turkeys would lower total surplus.
Ch. 6 Quick Quizzes
6-6 Chapter 6: Supply, Demand, and Government Policies - Quick Quizzes
1. Define price celiing and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why?

2. In a supply-and-demand diagram, show how a tax on car buyers of $1,000 per car affects the quantity of cars sold and the price of cars. In another diagram, show how a tax on car sellers of $1,000 per car affects the quantity of cards sold and the price of cars. In both of your diagrams, show the change in the price paid by car buyers and the change in price received by car sellers.
Homework
No "Homework" exist(s)
Files
 Chapter 1: Ten Principles of Economics
trade-offs, opportunity cost, efficiency, equity, marginal changes, market economy, market failure
1-1. Key Terms HW
1-2. Chapter Summary HW
1-3. What is Economics? class notes
1-4. Adam Smith
1-5. Chapter Quick Quizzes (Q & A) HW
 Chapter 2: Thinking Like an Economist
circular-flow diagram, production possibilities frontier, microeconomics, macroeconomics, positive statement, normative statement, Council of Economic Advisers
2-1. Key Terms HW
2-2. Chapter Summary HW
2-3. Factors of Production class notes
2-4. Economies & Production Possibilities Curve class notes
2-5 Circular Flow Diagram
2-6 Per Unit Opportunity Cost class notes
2-7 Shifting Production Possibilities Curve
2-8 Positive & Normative Economics
2-9 Chapter 2 Quick Quizzes (3 Q & A) HW
 Chapter 3: Interdependence & the Gains of Trade
absolute advantage, comparative advantage, specialization, gains from trade, interdependence, An Inquiry into the Nature & Causes of the Wealth of Nations (by Adam Smith, 1776), Principles of Political Economy & Taxation (by David Ricardo, 1817)
3-1 Key Terms
3-2 Chapter 2 Summary
3-3 Comparative Advantage & Absolute Advantage
3-4 Trade
3-5 Quick Quizzes
 Chapter 4: The Market Forces of Supply & Demand
law of demand, law of supply, law of supply and demand, quantity demanded, quantity supplied, normal good, inferior good
4-1 Chapter 4 Key Terms
4-2 Chapter 4 Summary
4-3 Law of Demand
4-4 Determinants (Shifters) of Demand
4-5 Supply & Determinants of Supply
4-6 Combining Supply & Demand
4-7 (sorry, out of order) Voluntary Exchange; Consumer & Producer Surplus
4-8 Chapter 4 Quick Quizzes
 Chapter 5: Elasticity & Its Application
elastic, inelastic, price elasticity of demand, price elasticity of supply, total revenue, income elasticity, cross price elasticity
5-1 Ch. 5 Key Terms
5-2 Ch. 5 Summary
5-3 Elasticity of Demand
5-4 Elasticity of Supply
5-5 Cross Price Elasticity
5-6 Income Elasticity
5-7 Ch. 5 Quick Quizzes
 Chapter 6: Supply, Demand, & Government Policies
price ceiling, price floor, binding contraint, tax incidence, tax burden, FICA
6-1 Ch. 6 Key Terms
6-2 Chapter 6 Summary
6-3 Price Controls
6-4 Taxes & Subsidies on Producers
6-5 Taxes & Subsidies on Consumers
6-6 Ch. 6 Quick Quizzes
 Chapter 7: Consumers, Producers, & the Efficiency of Markets
welfare economics, willingness to pay, cost, efficiency, equity, market power, total surplus
7-1 Ch. 7 Key Terms
7-2 Ch. 7 Summary
7-3 Ch. 7 Quick Quizzes
 Chapter 8: Application-The Costs of Taxation
size of tax, deadweight loss, price sellers receive, tax revenue, determinants of deadweight loss, Laffer Curve, supply-side economics
8-1 Ch. 8 Key Terms
8-2 Ch. 8 Summary
8-3 Deadweight Loss, Elasticities, Laffer Curve
8-4 Ch. 8 Quick Quizzes
 Chapter 9: Application-The International Trade
national security argument, infant-industry argument, unfair competition argument, protection-as-a-bargaining chip argument, NAFTA, GATT, WTO
 Chapter10: Externalities
positive externality, negative externality, spillover, social cost, social benefit, private cost, private benefit
 Chapter11: Public Goods & Common Resources
excludability, rivalry in consumption, private goods, public goods, common resources, free rider, Tragedy of the Commons
 Chapter12: The Design of the Tax System
lump-sum tax, benefits principle, ability to pay principle, average tax rate, marginal tax rate, proportional tax, regressive tax
12-1 Key Terms
12-2 Summary
12-3 Ch. 12 Reading Notes
12-4 Quick Quizzes
 Chapter13: The Costs of Production
economies of scale, diseconomies of scale, constant returns to scale, production function, law of diminishing marginal returns, marginal product, marginal cost
13-1 Key Terms
13-2 Summary
13-3 Costs of Production Notes
 Chapter14: Firms in Competitive Markets
competitive market, marginal revenue, sunk cost, average revenue, profit maximization, shut-down rule (in the short-run), decision to exit market (in the long-run)
14-1 Ch. 14 Vocab
14-2 Ch. 14 Chapter Summary
14-3 Efficiency in Competitive Markets Notes
 Chapter15:Monopoly
15-1 Vocab
15-2 Summary
15-3 Notes
Quick Quizzes
 Chapter16: Oligopoly
16-1 Vocabulary
16-2 Summary
16-3 Notes
Quick Quizzes
 Chapter17: Monopolistic Competition
17-1 Vocabulary
17-2 Summary
17-3 Notes
(no quick quizzes)

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