• 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)