Ch. 11and 14 Assessments
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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 15 PwPt Links for students completing group summary & questions
If you did not present for Chapter 14, sign up at this link: https://docs.google.com/document/d/1iDr8l3aKp8l0KzEZLSrEEIcXAruM_zpULx9cf6aUaoE/edit?usp=sharing
Period 2 Chapter 15 PwPt:
Period 3 Chapter 15 PwPt:
Period 6 Chapter 15 PwPt:
Computer Lab Instructions
1. Finish Tony's Hat Store Handout if not complete
2. SHOW MRS ARAND RESULTS AFTER EACH ONLINE QUIZ Take open-note web quizzes for Chapter 11 http://webquiz.ilrn.com/ilrn/quiz-public?name=mapm05q/mapm05q_chp11 Chapter 12 http://webquiz.ilrn.com/ilrn/quiz-public?name=mapm05q/mapm05q_chp12 and Chapter 13 http://webquiz.ilrn.com/ilrn/quiz-public?name=mapm05q/mapm05q_chp13
3. Begin organizing Chapter 14 vocab in notebook
4. Take 14-3 notes from file in Chapter 14 folder
5. In groups of 2-3 people, sign up to study and present on 4 slides from the Chapter 14 Overview Notes at this link https://docs.google.com/document/d/1iDr8l3aKp8l0KzEZLSrEEIcXAruM_zpULx9cf6aUaoE/edit?usp=sharing.
Your task as a group is to read through your notes and research the content to thoroughly understand them. Afterwards, you have one slide where your group will write a brief summary in your own words and 3 questions for the class pertaining to your content.
Period 2 Chapter 14 Pwpt: Click below...
Period 3 Chapter 14 Pwpt: Click below...
Period 6 Chapter 14 Pwpt: Click below...
Friday, April 14 will be notebook check and open-note assessment for Chapters 11-15
Chapter 12 and 13 Quick Quizzes
Chapter 12 Quick Quizzes
Chapter 13 Quick Quizzes
Week of April 10: Chapters 14 (Firms in Competitive Markets) & 15 (Monopoly) Ch. 11-15 Assessment Friday
Week of April 17: Chapters 16(Oligopoly & Game Theory), 17 (Monopolistic Competition) and 18 (Markets for Factors of Production)
Week of April 24: Chapters 19 (Earnings & Discrimination) and 20 (Income Equality & Poverty)
Week of May 3: Chapter 21 (Consumer Choice) and Week of May 3 Microeconomics Final Exam
Thursday, May 4: AP Gov College Board Exam 8 am
Friday, May 12: AP Microeconomics College Board Exam 8 am
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.
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.
Chapter 3 Top Scores!
1. Breanna B, Hannah H, John P, David R
2. Noel F, Mario V, Johnna V, Ryan Z
3. Adam A, Caleb B, Aaron M, Dylan M, Jessica N, Danny O, Raul R, Tanner R, Maya S, Brian S, Joey T
Chapter 2 & Review Assessment Top Scores
Chapter 2 Assessment Top Scores!
1. Breanna B, Jessica N., Alexa S., Joey T.
2. Aaron G., Elyson L., Johnna V., Jefferson T.
3. Brian S., Noel F., Katie H., Megan L., Justin L.
No "Homework" exist(s)
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
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
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
3-5 Quick Quizzes
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
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
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
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
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
national security argument, infant-industry argument, unfair competition argument, protection-as-a-bargaining chip argument, NAFTA, GATT, WTO
positive externality, negative externality, spillover, social cost, social benefit, private cost, private benefit
excludability, rivalry in consumption, private goods, public goods, common resources, free rider, Tragedy of the Commons
lump-sum tax, benefits principle, ability to pay principle, average tax rate, marginal tax rate, proportional tax, regressive tax
12-1 Key Terms
12-3 Ch. 12 Reading Notes
12-4 Quick Quizzes
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
13-3 Costs of Production Notes
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