do now what would you do if your favorite shoes went on sale for $5? what would you do if your...
TRANSCRIPT
Do Now
What would you do if your favorite shoes went on sale for $5?
What would you do if your favorite shoes went on sale for $250?
MR. WOODECON 102
Equilibrium and Prices in the Market
Essential Question
How are Equilibrium prices set in the market and what happens when the equilibrium prices are changed?
9.12b.2 Discuss the effects of changes in supply and/or demand on the relative scarcity, price, and quantity of particular products (supply/demand curve.)
Objective
Identify and define market equilibrium and Equilibrium price
Let’s go back to Berkeley!!
http://www.youtube.com/watch?v=ZR2255CEhvk
24:45- 36:00
We will watch, compare notes with a partner + finally discuss the lecture
Today’s Reading Homework
THIEVES notes for Ch. 6
Title6.1- Introduction- 1-2 sentence summarySummary- key words + notes
6.2- 6.3, pages 100-5Headings into questions0-2 notes per paragraph
Ticket Out
Paired Verbal Fluency
- What did you learn today???
Do Now
What does Equilibrium Price mean?
Do Do Now
Why do shortages happen?
Why do surpluses happen?
Agenda
Yesterday Today
THIEVES NotesTitleIntroduction- 1-2 sentence summarySummary- key words + notes6.1- 6.3, pages 100-5Headings into questions0-2 notes per paragraph
Lecture from Cal-Berkeley
Lectures from Khan Academy
Watch, make predictions, Compare notes + Discuss
Practice Problems- Equilibrium Price
Homework- THIEVES- Headings into questions - First Sentence- Key words + ideasP. 105- 111- 6.4- 6.5
Objective
Explain and Graph Equilibrium prices
Demonstrate how shifts in demand and supply affect equilibrium price
Lecture – Equilibrium Price
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/market-equilibrium
Watch, Compare notes + Discuss
Changes in Equilibrium Price
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/changes-in-market-equilibrium
Watch, make predictions, Compare notes + Discuss
Practice- Test Prep
Practice situations with equilibrium price
Ticket Out
What would be the new equilibrium price for a can of Red Bull if it was found out that drinking a small can of Red Bull every day made you live 5 years less?
Do Now
Define 2 of the 3 terms
Allocative Efficiency Productive efficiency Dynamic Markets
Agenda
Yesterday Today
Lectures from Khan Academy
Watch, make predictions, Compare notes + Discuss
Practice Problems- Equilibrium Price
Homework- THIEVES- First Sentence- Key words + ideasP. 105- 111- 6.4- 6.5
Finish Test Prep Exercises Lecture- Price + Price Controls
Homework- THIEVES- First Sentence- Key words + ideasP. 112- 115- 6.6
Objective
Explain and Graph Equilibrium prices
Demonstrate how shifts in demand and supply affect equilibrium price
Explain the role of price in a modern mixed economy
Take out your Test Prep
Let’s continue to work on our Test Prep
Allocative Efficiency Productive
efficiency Dynamic MarketsCreative
Destruction
The Role of Price in a Modern Mixed Economy
HOW HAS THE MARKET FOR
TELECOMMUNICATIONS CHANGED IN THE PAST 20-30 YEARS?
H TT P : / /W W W. Y O U T U B E . C O M / WAT C H ? V = E X 7 Q L N G Z 7 Q OH TT P : / / W W W. Y O U T U B E . C O M / WAT C H ? V = 5 M C R F X D I Q W S
While you are watching the two videos- Answer this question with
2-3 details
Ticket Out
Define 2 of the 3 terms
Allocative Efficiency Productive efficiency Dynamic Markets
Do Now
What are Price Ceilings?
What are Price Floors?
(these are in your text book)
Agenda
Yesterday Today
Finish Test Prep Exercises Lecture- Price + Price Controls
Homework- THIEVES- First Sentence- Key words + ideasP. 112- 115- 6.6
Lecture on Government Intervention
Price Controls- Price Floors - Price Ceilings
Government Intervention
Price Ceiling
https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/v/minimum-wage-and-price-floors
Price Floors
Your Test!!!!
Next Class period!!!!