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.
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 22: Fixed and Variable Costs
Normal or Zero Profit
Law of Diminishing Marginal Returns