• Micro Unit II: Demand

Unit II-1:  Intro to Demand
Objectives:
1. Students will define and provide examples of the concept of diminishing marginal utility.
2. Students will identify the three factors that account for the downward sloping demand curve
3. Students will define demand and draw a demand model.

Homework:
1. Read Chapter 4 and Outline (10 Points) for Monday 9/29.

Unit II-2: Maximizing Utility
Objectives:
1. Students will compare and contrast total utility and marginal utility.
2. Students will calculate marginal utility per dollar spent.
3. Students will employ the utility maximizing rule in deciding how many units of a good to consume.

Homework:
1. Read/Highlight/Review Page 6 of Packet
2. Complete practice problems on Page 10 of packet. (5 Points)

Unit II-3: Test Review + Fun with Marginal Utility
Objectives:
1. Students will compare and contrast total utility and marginal utility.
2. Students will calculate marginal utility per dollar spent.
3. Students will employ the utility maximizing rule in deciding how many units of a good to consume.

Homework
Pg. 11 AP Problem & Pg. 12-15 in Packet (5 Points)

Unit II-4: Interactive Determinants of Demand
Objectives:
Students will utilize an interactive website to identify the determinants of demand and practice shifting demand curves.
Homework:
-Chapter 4 Outline Due Monday (10 Points)

Unit II-5: Determinants of Demand
Objectives:
1. Students will identify, list and provide examples of the determinants of demand.
2. Students will explain the difference between shifting demand curves and changing the quantity demanded for a good.
3. Students will shift demand curves appropriately given changes in underlying circumstances.

Homework
1. Read and Outline Chapter 4 for Monday, September 29
2. Prepare for demand quiz on October 1

Unit II-6: Shifting Demand
Objectives:
1. TSW understand the 5 reasons for Demand Shifts
2. TSW illustrate how to shift demand due to changes in the market.

Homework
Pages 32-33 in Packet (5 Points)

Unit II-7: Review for Demand Quiz Objectives:
1. TSW review all aspects of Unit 2 for the Demand Quiz on Wednesday 10/1 (40 Points)

Homework
Practice Problems Pg. 36 & 38-39 (Demand Shifters)

Unit II-8: Demand Quiz
Objectives:
1. TSW take the Unit II - Demand Quiz (40 Points)

Homework:
None

Unit II-9: Intro to Supply
Objectives:
1. TSW define supply and the law of supply.
2. TSW show what increases/decreases of the supply curve look like.

Homework:
1.None

Unit II-10: Graphing Supply
Objectives:
1. TSW graph the supply curve of labor for Mr. Tengowski's child care.
2. TSW show changes in supply within the cereal market.

Homework:
1. None

Unit II-11: Producer Surplus and Shifting Supply
Objectives:
1. TSW identify and be able to define producer surplus and graph it under the Supply curve.
2. TSW begin to shift supply based on the determinants of supply.

Homework:
1. Pages 11-13 in Packet (5 Points)

Unit II-12: Practice Shifting Supply and Review for Quiz
Objectives:
1. TSW review all aspects of supply for the quiz on Wednesday (30 Points)

Homework:
1. Prep for Supply Quiz (30 Points)

Unit II-13: Supply Quiz
Objectives:
1. TSW take the Unit II: Supply Quiz (30 Points)

Homework

Unit II-14: Intro to Equilibrium
Objectives:
1. TSW review into what categories do determinants fall... (Supply/Demand)
2. TSW practice graphing supply and demand problems while finding Equilibrium Price and Quantity.

Homework:
1. Complete Unit 2 - Equlibrium Activity for Friday 10/10 (5 Points)
2. Outline Chapter 6 for 10/17 (10 Points)
Norway's Butter Shortage http://on.cc.com/1r70bXJ  - From Steven Colbert

Unit II-15: Equilibrium in Perfectly Competitive Markets
Objectives:
1. TSW define productive efficiency and allocative efficiency with regard to perfectly competitive markets.
2. TSW solve a producer/consumer surplus problem with only data provided (no graph)
3. TSW review the process for shifting supply and demand graphs with regard to equilibrium shifts.

Homework
1. Complete Page 11 in Packet (5 Points) Unit II-16: Double Shifting of Supply/Demand
Objectives:
1. TSW understand what changes occur to Equilibrium Price and Equilibrium Quantity with regard to double shifts of the supply and demand model.

Homework:
1. None

Unit II-17: Price Controls (Ceilings + Floors)
Objectives:
1. TSW define price ceilings and floors.
2. TSW identify the 4 ways that governments can influence free markets.
3. TSW graphically show what impact price floors and ceilings have on prices, quantities, and a loss of total welfare (Dead Weight Loss)

Homework:
Chapter 6 Outline Due Tomorrow (10/17) - 10 Points

Unit II-18: Price Controls (Subsidies + Taxes)
Objectives:
1. TSW review the impact of price floors and ceilings (Pages 20-21)
2. TSW identify and analyze the impact of import quotas on the equilibrium model.
3. TSW practice import quota/tariff problems in the packet (Pages 23-24)
4. TSW identify how subsidies impact the supply of a good in a domestic market.

Homework
1. Page 22 in Packet (5 Points) Due Tuesday 10/21 Unit II-19: Excise Taxes (Day 1)
Objectives:
1. TSW define excise taxes and relate reasons why they would be implemented by the Federal Government.
2. TSW identify how changes in price and quantity result from excise taxes graphically.
3. TSW practice AP level excise tax questions.

Homework:
1. Begin completing 50-61 in packet for upcoming 2 day test.

Unit II-20: Excise Taxes (Day 2)
Objectives:
1. TSW prepare for the Unit II: Equilibrium Test (70 Points)

Homework:
1. Prep for Unit II: Equilibrium Test (70 Points)

Unit II-21: Unit II Test - Multiple Choice
Objectives:
1. TSW take the Unit II Test: Multiple Choice Section (40 Points)

Homework:
1. TSW prepare for the Unit II Test: FRQ (30 Points)
Unit II-22: Unit II Test - Free Response Questions
Objectives:

Homework: