Week 5 – 10/15 – Behind the Supply Curve

Today we start our exploration of the supply curve.  Why does it slope up?  Why does the number of sellers change?  Is there an optimal number of sellers?  There will be lots of case studies, spreadsheets, and thinking in-class.

FACTORY 26

I will distribute Test 1 today.  It is a 30 question multiple-choice test.  You can use your notes, handouts, videos and books to answer the questions.  You may not USE any human help – no classmates, friends, siblings or parents.  The test looks at the knowledge and application levels of learning.   Basically, do you know the definitions of our basic terms and how to use them in an example?  I will collect tests at the beginning of class on 10/22.

To Do this week:

___Complete Minimum Wage Paper Outline

___ Hand-in at the beginning of class

___ Watch videos below

___ Gather definitions for the terms below

Ep 21: Accounting Profits v Economic Profits

Ep 22: Fixed and Variable Costs

Powerpoint:

 

Terms:

Economic Profit

Accounting Profit

Normal or Zero Profit

Fixed Input

Fixed Costs

Variable Inputs

Variable Costs

Law of Diminishing Marginal Returns

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2 thoughts on “Week 5 – 10/15 – Behind the Supply Curve

  1. Are the quotes only supposed to support the general idea of raising the minimum wage or do they also have to specifically support the points we made under economic theory?

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  2. Find supporting quotes for both sides for/against raising the minimum wage. There may be one point that you feel is more important than the others, in that case choose that one. Regarding the economic theory: A price ceiling will create a surplus of the good. However both authors look at other effects as well. Consider those too.

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