Wednesday, January 13, 2016

Post date: Jan 13, 2016 10:22:17 PM

Class began with the following question of the day: "1. Is the supply of genuine antique furniture elastic or inelastic? Explain your answer." This led to the class reviewing the concepts of elasticity of supply.

Next, the class discussed concepts presented in Ch. 6, Sections 1, 2, and 3. We started with the concept of Equilibrium, the notion of surplus and shortages, and disequilibrium. See attached PowerPoint that was used during class. In addition, Ms. Pretet drew graphs on the board to visually help students understand how to calculate equilibrium, shortages, and surpluses. Ms. Pretet also drew graphs to discuss how shifting the supply curve OR shifting the demand curve EITHER DIRECTION could affect the market equilibrium price.

Then, we discussed the 4 characteristics of price (6.2 notes).

From 6.3, we discussed how market equilibrium is normally dictated by market forces, but sometimes the government intervenes in the market. This can be seen through the ides of price floors and price ceilings. Ms. Pretet drew examples of both price floors and price ceilings on the white board. The class also talked about examples of both concepts.

Throughout class, students worked on questions from the "Ch. 6: Supply, Demand, and Price" - Price Review Questions - worksheet (see attachment below).

On Friday, we will finish this worksheet.

Homework:

1. Work on optional final exam review packet (see attachment)

2. Ch. 6, section 1, 2, and 3 notes will be checked for points on Friday!