Unit 3 Product Markets
Presentations
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
Quizzes
3B Perfect Competition Quiz 1 Quiz 2
Quizlet- studying and knowing the vocabulary is essential
Review/Supplement
Still don't get it?? Check out Mr. Clifford's videos