• Micro Unit 3: Elasticity of Demand + Costs of Production
     
    III-1: Intro to Elasticity of Demand
    Objectives:
    1. TSW define elasticity with regard to changes in price.
    2. TSW identify the 4 types of elasticity
    3. TSW identify the determinants of Price Elasticity of Demand (PED) 
     
    Homework:
    1. Watch the following video for Wednesday 10/29

                                                                                                                 
    Unit III-2: Calculating the coefficient of elasticity of Demand
    Objectives:
    1. TSW begin to calculate the Price Elasticity of Demand (PED)
    2. TSW identify characteristics of elastic and inelastic demand. 
     
    Homework:
    1. Chapter 5 Outline Due Wednesday 11/5 (10 Points)
     
     
    Unit III-3: Practice calculating the Elasticity Coefficient of Demand
    Objectives:
    1. TSW practice calculating the Elasticity Coefficient of Demand found on Pages 42-46 of their packet. 
     
    Homework:
    1. None 
     
    Unit III-4: Total Revenue Test and Elasticity of Demand
    Objectives:
    1. TSW define how changes in price effect the total revenue collected by firms.  
    2. TSW identify what happens to the PED at different prices. 
     
    Homework:
    1. Total Revenue Practice Problems (5 Points) 
     

      
    Unit III-5: Price Elasticity of Supply
    Objectives:
    1. TSW define how price elasticity of supply shows the sensitivity of producers to changes in prices over time.
    2. TSW define the three time periods that affect price elasticity of supply.
     
    Homework:
    1. Complete Page 24. (5 Points)

    Unit III-6: Cross Price Elasticity of Demand
    Objectives:
    1. TSW identify how cross price elasticity of demand shows how sensitive a product is to a change in price of another good. 
     
    Homework:
    1. None

     
    Unit III-7: Income Elasticity of Demand
    Objectives:
    1. TSW define how income elasticity of demand shows how sensitive a product is to a change in income.
     
    Homework:
    1. None
     
     
    Unit III-8: Cross Price Elasticity of Demand (XED) + Income Elasticity of Demand (YED) Practice
    Objectives:
    1. TSW practice determining cross (XED) + income (YED) elasticities in order to prepare for the upcoming test.  
     
    Homework:
    1. Complete Page 31 (5 Points)
     
    Unit III-9: Tax Incidence and Elasticity of Demand
    Objectives:
    1. TSW calculate what impact taxes have on elasticity of demand and what products ought to be taxed due to their elasticities. 
     
    Homework:
    1. None
     
    Unit III-10: Test - Chapter 3 - Elasticity (50 Points)
    Objectives:
    1. TSW take the Unit III Test on Elasticity. (50 Points)
     
    Homework:
    1. None
     
    Unit III-11: Intro to Costs of Production - Bookmaking/Chain Creating Activity 
    Objectives:
    1. TSW begin to determine what happens to total and marginal product through a bookmaking exercise in class.  
     
    Homework:
    1. None
     
    Unit III-12:  Costs of Production - Three Stages of Production
    Objectives:
    1. TSW identify what happens to Total Product and Marginal Product through the 3 Stages of Production.
    2. TSW calculate productivity with regard to an oreo-making activity.
    3. TSW define the Law of Diminishing Marginal Returns 
     
    Homework:
    1. Outline Chapter 13 by Tuesday 11/18 (10 Points) 
     
     
    Unit III-13: Calculate Marginal and Average Product
    Objectives:
    1. TSW begin to calculate marginal and average product cost curves. 
    2. TSW identify the relationship between average and marginal costs.
     
    Homework:
    1. None
      
     
    Unit III-14: Calculating all Short Run Costs
    Objectives:
     
    Homework:
     
    Unit III-15 to 17: Short Run Production Costs 
    Objectives:
    1. TSW will graphically show all of the cost curves in the short run.
     
    Homework:
    1. None 
     
     
    Unit 18-19: Shifting Cost Curves
    Objectives:
    1.  TSW begin to plot all of the per-unit cost curves in the short run.
     
    Homework: 
    1. None 
     
    Marginal cost and average total cost: Looking at marginal and average total cost in the context of a juice business
    Unit III-20: Economic vs. Accounting Profits
    Objectives:
    1. TSW understand the difference between economic and accounting profits. 
    2. TSW calculate economic and accounting profits in real world situations.  
     
    Homework: 
    1. None
     
    Economic profit vs accounting profit: Difference between a firm's accounting and economic profit
     
    Unit III-21: Review for Unit III: Costs of Production Test
    Objectives:
     
    Homework:
     
     Part I of Unit III Review Podcast - Costs of Production
     
    Part II of Unit III Review Podcast: Costs of Production
     
     
    Unit III-22: Unit 3 Test: Costs of Production (35 Multiple Choice)
     
    Unit III-23: Unit 3 Test: Costs of Production (10 Multiple Choice + Free Response)
Last Modified on November 24, 2014