Unit Two: Supply and Demand
1. Discussed the day's topic--demand and the terms that are related to it: demand schedule, quantity demanded, price versus quantity demanded, law of demand, substitution effect, income effect, normal versus inferior goods, and substitutes versus complements. Assignments: distributed Unit 2 packet--due day of Unit 2 exam (2/14); read pages 63-67; complete Activities 1-4 and 1-5. [1/30]
2. Discussed the day''s topic--supply and the terms that are related to it: supply schedule,quantity supplied, price versus quantity supplied; price versus quantity supplied, law of supply. Assignments: read pp. 68-71; answer and look #1 on p. 67; and complete Activities 1-6 & 1-7. [1/31]
In honor of Black History Month, please take a moment to read the linked article from Madison 365 by Michael Johnson that shares a timeline of Black History in Madison, Wisconsin.
3. Discussed reading around the topic of equilibrium: shortages and surpluses. Assignments: Read pp. 72-78; complete Activity 1-8. [2/1]
4. Discussed reading around the topic of changes in supply and demand. Assignments: Read pp. 83-94; Answer and Look #2, p. 90; and complete Activities 1-9 and 2-1 [2/2]
5. Discussed reading around the topics of price ceilings and price floors; rent controls; minimum wages; inefficiency; and the underground economy. Assignments: Read pp. 95-104; answer and look #1, p. 95; Activity 2-7 (Max. and Min. Price Controls). [2/5]
6. Discussed reading around the topics of quantity controls and taxes; quotas w/ demand price and supply price; the wedge; quota rent; excise taxes; the effects taxes have on markets; tax revenue; deadweight loss; and tax incidence. Assignments: read pp. 109-120; answer and look #1 and 3 on page 120; Activity 2-9 (Deadweight Loss); and extra credit for Problem Set 2.12 (Costs of Taxation). [2/6]
7. Discussed reading around the topics of price elasticity of demand; perfect elasticity and perfect inelasticity; unit elasticity; total revenue. Received Unit 2 Review Sheet. Assignments: read pp. 121-126; Activity 2-3 (An Intro to Elasticity) and Activity 2-4 (Determinants of Elasticity of Demand). [2/7]
8. Discussed reading around the topics of price elasticity of supply; income price elasticity of demand; cross price elasticity of demand; and determinants of elasticity of supply. Assignments: read pp. 126-130; answer and look #2 and 4 on both pages 126 and 130; Activity 2-5 (Elasticity and Total Revenue). [2/7]
Human RIghts Presentation in Theater, Thursday February 8.
9. Discussed reading around the topics of elasticity and incidence of excise taxes. Assignment: Activity 23 (Pricing Problems). [2/12]
10. Elasticity Quiz. Review for Unit 2 Exam (Chapters 3-5) tomorrow. [2/13]
11. Unit 2 (Chapters 3-5) Exam today. All late work due by 4PM today. Read pp. 135-145 by tomorrow. [2/14]
2. Discussed the day''s topic--supply and the terms that are related to it: supply schedule,quantity supplied, price versus quantity supplied; price versus quantity supplied, law of supply. Assignments: read pp. 68-71; answer and look #1 on p. 67; and complete Activities 1-6 & 1-7. [1/31]
In honor of Black History Month, please take a moment to read the linked article from Madison 365 by Michael Johnson that shares a timeline of Black History in Madison, Wisconsin.
3. Discussed reading around the topic of equilibrium: shortages and surpluses. Assignments: Read pp. 72-78; complete Activity 1-8. [2/1]
4. Discussed reading around the topic of changes in supply and demand. Assignments: Read pp. 83-94; Answer and Look #2, p. 90; and complete Activities 1-9 and 2-1 [2/2]
5. Discussed reading around the topics of price ceilings and price floors; rent controls; minimum wages; inefficiency; and the underground economy. Assignments: Read pp. 95-104; answer and look #1, p. 95; Activity 2-7 (Max. and Min. Price Controls). [2/5]
6. Discussed reading around the topics of quantity controls and taxes; quotas w/ demand price and supply price; the wedge; quota rent; excise taxes; the effects taxes have on markets; tax revenue; deadweight loss; and tax incidence. Assignments: read pp. 109-120; answer and look #1 and 3 on page 120; Activity 2-9 (Deadweight Loss); and extra credit for Problem Set 2.12 (Costs of Taxation). [2/6]
7. Discussed reading around the topics of price elasticity of demand; perfect elasticity and perfect inelasticity; unit elasticity; total revenue. Received Unit 2 Review Sheet. Assignments: read pp. 121-126; Activity 2-3 (An Intro to Elasticity) and Activity 2-4 (Determinants of Elasticity of Demand). [2/7]
8. Discussed reading around the topics of price elasticity of supply; income price elasticity of demand; cross price elasticity of demand; and determinants of elasticity of supply. Assignments: read pp. 126-130; answer and look #2 and 4 on both pages 126 and 130; Activity 2-5 (Elasticity and Total Revenue). [2/7]
Human RIghts Presentation in Theater, Thursday February 8.
9. Discussed reading around the topics of elasticity and incidence of excise taxes. Assignment: Activity 23 (Pricing Problems). [2/12]
10. Elasticity Quiz. Review for Unit 2 Exam (Chapters 3-5) tomorrow. [2/13]
11. Unit 2 (Chapters 3-5) Exam today. All late work due by 4PM today. Read pp. 135-145 by tomorrow. [2/14]