Unit 3 Product Markets

Presentations

Unit 3 AP Micro Daily Agenda and Notes Review

Cost Curves LT 3A

Profit Maximization and Perfect Competition LT 3B

Monopoly LT 3C

Monopolistic Competition LT 3E

Reading Assignments

3A Cost curves and Economics Profit

pg. 303-323

Fixed Input, Variable Input,
Long Run (LR), Short Run (SR), Total Product (TP), Average Product (AP), Marginal Product (MP), Increasing Marginal Returns (IMR), Decreasing Marginal Returns (DMR), Negative Marginal Returns (NMR), Law of Diminishing Returns (LODR)

Fixed Cost (FC), Variable Cost (VC), Total Cost (TC), Average Total Cost (AC), Marginal Cost (MC)
Long Run Average Total Cost (LRAC), Increasing Returns to Scale (IRS), Decreasing Returns to Scale (DRS), Constant Returns to Scale (CRS)

3B Perfect Competition

pg. 330-350
Accounting Profit, Economic Profit, Normal Profit, Total Revenue (TR), Average Revenue (AR), Marginal Revenue (MR), Optimal Output Rule (MR=MC), Profit (π)
Price-Taker, Standardized Product (Commodity), Free Entry & Exit, Break-Even, Shut-Down
Long-Run Market Equilibrium, Allocative Efficiency, Productive Efficiency

3C Monopoly

pgs. 355-382
Two main dimensions of Monopoly, Monopolist, Anti-trust laws, Market Power, 4 Barriers to enter a Monopoly, How is the MR curve different in Monopoly compared to PC?, What is the optimal output rule?, What are the 3 results/differences between Monopoly and PC?
Natural Monopoly, Regulation
Price Discrimination

3D Oligopoly

pgs. 387-409 (skip kinked curves)
Herfindahl-Hirschman Index (HHI), Anti-Trust Policy, Duopoly, Collusion, Cartel, Non-cooperative Behavior, Interdependence, Game Theory, Payoff Matrix, Dominant Strategy, Nash Equilibrium, Non-price Competition

3E Monopolistic Competition

pgs. 415-430
Product Differentiation, Excess Capacity, Mark-Up

Relearning/Retesting

For each learning target for which you did not achieve 70% mastery on the unit exam, complete the following steps (if you scored higher then 70% you may also retake the LT):

Re-read your notes and powerpoints for the learning targets you need to complete
Locate the learning targets you need to complete in the remediation document, copy and paste the assignment into another google doc (share w/Pelzel) or hand write and turn in to Pelzel.
Complete the corresponding remediation/reteaching assignment.
After your remediation has been turned into and verified by Ms. Pelzel, you will get a test code. You can retest on retesting days, before/after school, and during advisement.
Go to Exam Login and take the re-quiz. It is timed and you only have 1 shot, so make sure you're ready!

Homework

It is expected that you are watching the video lectures/reading the textbook AND taking the quizzes as learning targets are assigned in class.

You should be writing down key vocabulary and concepts.

Key vocabulary is listed in the reading assignments, and full definitions can be found on Quizlet.

Mr. T's Lectures

LT 3A Cost curves I

LT 3A Cost curves II

LT 3B Perfect Competition I

LT 3B Perfect Competition II

LT 3C Monopoly

LT 3D Oligopoly

LT 3E Monopolistic Competition