
Micro Unit 3: Elasticity of Demand + Costs of ProductionIII1: Intro to Elasticity of DemandObjectives:1. TSW define elasticity with regard to changes in price.2. TSW identify the 4 types of elasticity3. TSW identify the determinants of Price Elasticity of Demand (PED)Homework:1. Watch the following video for Wednesday 10/29
Unit III2: Calculating the coefficient of elasticity of DemandObjectives: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 III3: Practice calculating the Elasticity Coefficient of DemandObjectives:1. TSW practice calculating the Elasticity Coefficient of Demand found on Pages 4246 of their packet.Homework:1. NoneUnit III4: Total Revenue Test and Elasticity of DemandObjectives: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 III5: Price Elasticity of SupplyObjectives: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 III6: Cross Price Elasticity of DemandObjectives: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 III7: Income Elasticity of DemandObjectives:1. TSW define how income elasticity of demand shows how sensitive a product is to a change in income.Homework:1. NoneUnit III8: Cross Price Elasticity of Demand (XED) + Income Elasticity of Demand (YED) PracticeObjectives: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 III9: Tax Incidence and Elasticity of DemandObjectives:1. TSW calculate what impact taxes have on elasticity of demand and what products ought to be taxed due to their elasticities.Homework:1. NoneUnit III10: Test  Chapter 3  Elasticity (50 Points)Objectives:1. TSW take the Unit III Test on Elasticity. (50 Points)Homework:1. NoneUnit III11: Intro to Costs of Production  Bookmaking/Chain Creating ActivityObjectives:1. TSW begin to determine what happens to total and marginal product through a bookmaking exercise in class.Homework:1. NoneUnit III12: Costs of Production  Three Stages of ProductionObjectives: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 oreomaking activity.3. TSW define the Law of Diminishing Marginal ReturnsHomework:1. Outline Chapter 13 by Tuesday 11/18 (10 Points)Unit III13: Calculate Marginal and Average ProductObjectives:1. TSW begin to calculate marginal and average product cost curves.2. TSW identify the relationship between average and marginal costs.Homework:1. NoneUnit III14: Calculating all Short Run CostsObjectives:Homework:Unit III15 to 17: Short Run Production CostsObjectives:1. TSW will graphically show all of the cost curves in the short run.Homework:1. NoneUnit 1819: Shifting Cost CurvesObjectives:1. TSW begin to plot all of the perunit cost curves in the short run.Homework:1. None
Unit III20: Economic vs. Accounting ProfitsObjectives:1. TSW understand the difference between economic and accounting profits.2. TSW calculate economic and accounting profits in real world situations.Homework:1. None
Unit III21: Review for Unit III: Costs of Production TestObjectives:Homework:Part I of Unit III Review Podcast  Costs of ProductionPart II of Unit III Review Podcast: Costs of ProductionUnit III22: Unit 3 Test: Costs of Production (35 Multiple Choice)Unit III23: Unit 3 Test: Costs of Production (10 Multiple Choice + Free Response)
Last Modified on November 24, 2014