Current Events (after the Test):
Clear your desk except for a pencil. Once everyone is quiet, and no talking during the Test, we can begin. Be sure to put your name on the Test and the Scantron. You may write on both the Test and the Scantron.
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CNBC Panel Dismisses Peter Schiff (and What WSJ Really Thinks Of Him)
The Chapter 3 Section 3 Make-Up is available.
The Ch. 3 Sec. 2 Quiz Make-Up is today:
The Make-Up for the Chapter 3 Section 1 Quiz is today.
The Chapter 2 Make-Up Test is today.
The Ch. 2 Sec. 3 American Free Enterprise Make-Up Quiz is today.
The electronic edition of the Philadelphia Inquirer is available. We have the Sunday edition, available on Mondays, in addition to the Tuesday through Friday editions on the other days.
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Chapter 5: Supply
Section 2 The Theory of Production, p. 127
Chapter 5, Section 2 - Reading Strategy
In-class assignment (you may work with a partner for the exercise):
As you read about production, complete the graphic organizer by listing what occurs during the three stages of production.
In-class assignment: with a partner, answer the following.
In a short paragraph explain the difference between the two firms shown in the video.
What is the relationship between costs and output in gold mining and oil through the use of power production functions?
How does the second firm make money?
How is it that both firms operate efficiently?
Define production function in your own words.
Are firms taking big risks?
Production functions in gold mining and oil production, 7:51
stages of production
Short Run Production, Marginal and Average Product, 8:05
In-class assignment, with a partner, answer the following.
What input can vary in the short run?
How does quantity change?
How is total product effected?
On the other hand, how is marginal product effected?
How does the story provided help explain these ideas?
Why don't firms keep adding workers?
How is the marginal product curved?
How does the next story explain marginal product?
Figure 5.5 Short-Run Production, p. 128
Profiles in Economics
Kenneth I. Chenault, 4:00
In-class assignment: with a partner answer the following questions.
What company is Chenault Chairman and CEO of?
What size company (large, medium, or small) represents the best opportunity for job growth?
How much of the net new jobs are created by small businesses?
What size is a company that is considered a small business?
Who owns these companies?
What does a small business offer a consumer?
What is the key and how much does a dollar spent return when spent in a small business?
If people spent money locally how much in revenue would be generated?
What personal traits does a small business person exhibit?
How does a small business stay competitive with a bigger store?
Chapter 5, Section 2 - Review
In-class assignment (you may work with a partner):
Complete the graphic organizer by explaining how marginal product changes in each of the three stages of production.
Cost and revenue are added to the theory of production. Several important measures of cost are introduced, including fixed cost, variable cost, total cost, and marginal cost. Total revenue and marginal revenue are the most important measures of revenue. The firm reaches the break-even point when the revenue from sales is large enough to cover the total cost of production. Furthermore, the firm finds its profit-maximizing quantity of output where the marginal cost of production is exactly equal to marginal revenue from the sale of the product.
Chapter 3 Prep
Chapter 3: Business Organizations
Ch. 4 Prep
Ch. 5 Prep
Chapter 5 Supply Multiple Choice Quiz
Chapter 5 Puzzle
Chapter 5 Supply Flashcards
Elasticity and Supply, 3:52 (Warning: images of alcohol consumption, language, and possible objectionable content, this is not required viewing).
Email (or hand in hard copy) to firstname.lastname@example.org.
Reminder: Quiz Thursday
The Make-Up for the Chapter 3 Section 3 Quiz is available.
1. p. 116, #1-2.