• Micro Unit 4: Perfect Competition
     
    This is a great review for anyone brushing up on Perfectly Competitive Markets. 
     
    Unit IV-1: Introduction to the 4 market structures
    Objectives:
    1. TSW differentiate between the 4 main market structures.
    2. TSW identify the characteristics of perfectly competitive markets.
     
    Homework:
    1. Read and Outline Chapter 14 for Friday (10 Points)
    2.  
     
    Unit IV-2: Hello Mr. DARP!!!
    Objectives:
    1. TSW understand and be able to draw MR=D=AR=P
    2. TSW will determine the location of profit maximization in a perfectly competitive market.
     
    Homework:
     
    Perfect competition: Conditions for perfect competition. Looking at the airline industry
     
    Unit IV-3: Shut Down Decision & MC=MR
    Objectives:
    1. TSW evaluate whether or not a firm ought to shut down due to changes in perfect competition.
     
    Homework:
    1. Prep for Quiz tomorrow through Page 14 in packet. (15 Points)

     
    AP Practice Problem - Shut Down Decision Podcast
     
     
    Unit IV-4: Perfect Competition Practice Quiz (15 Points)
    Objectives:
    1. TSW take the Perfect Competition Practice Quiz (15 Points) 
     
    Homework:
    1. None
     
    Unit IV-5: Marginal Cost/Supply Curve and changes in MC; Intro to Long-run equilibrium (pages 21-26)
    Objectives:
    1. TSW identify how the Marginal Cost curve becomes the Supply Curve.
    2. TSW identify how changes in variable cost will ultimately change the supply curve.
     
    Homework:
    1. None
     
     
    Unit IV-6: Short-run to long run (pages 27-31 in class)
    Objectives:
    1. TSW identify what factors cause markets to go from long run to short run.
    2. TSW identify how both the industry and firms change due to long to short run transactions.  
     
    Homework: 
    1. Page 15 in Packet (10 Points) 
     
    Unit IV-7: Practice free response (pages 33-35)
    Objectives:
    1. TSW practice changes from short run to long run and from long run to short run back to long run through problems in their packet. 
     
    Homework:
    1. Page 34 in Packet (10 Points)
     
     
    Unit IV-8: PC and efficiency (pages 36-41) + Review
    Objectives:
    1. TSW define the two types of efficiency (Productive and Allocative) again!!
    2. TSW identify equations which show the productive and allocatively efficient points on a graph.
    3. TSW understand why firms may not be productively efficient but will be allocatively efficient. 
     
    Homework:
    1. Prep for Test (40 Points)
    2. Complete Pages 42-45 in packet.  
     
     Unit IV Review FRQ - Perfect Competition Test (45 Points)
     
    Unit IV-9: Unit IV Test - Perfect Competition (45 Points)
    Objectives:
    1. TSW take the Unit IV Test. (45 Points) 
     
    Homework:
    1. None!
     
     
     
Last Modified on December 11, 2014