March 19

Supply and Demand Rap Presentations


Calculating Elasticity Notes: Read pages 90-93(top half of 93) in your text and take Cornell Notes on Elasticity.  Pay special attention to page 92 as that page shows the formulas to calculate elasticity.

Elasticity Questions: https://docs.google.com/file/d/0B_gpVfHfuRG2TE9qcjZEaXY4LWs/edit?usp=drive_web

Due Tuesday upon return from Spring Break!

March 18

Create a Supply and Demand Rap song.

The song must have 20 lines.  It must be school appropriate.  You don't have to rap the song to the class unless you want 10 points EXTRA CREDIT!!!!

Some topics to consider in the rap
Factors of Production
Stocks
Bonds
Financial Assets
Supply
Demand
Graph
Determinants of Supply/Demand
Shifts of a Supply/Demand Curve
Economics

March 17

Equilibrium Notes: If you missed class take notes on Chapter 6 Section 1

Questions:

1.     What is unique about an equilibrium price?

2.     What situation can lead to excess demand?

3.     What situation can lead to excess supply?

4.     How is a price floor different from a price ceiling? Give examples of each.

5.     How does rent control work?

6.     What are the benefits and drawbacks of a price ceiling?

7.     According to figure 6.2 on page 127, why are sales lower at $1.00 a slice than at $2.00 a slice?

8.     What are the benefits and drawbacks of a price floor?

9.     Turn to the graph of median weekly earnings on page 536 in the Databank.  Suppose that the federal government has raised the minimum wage to $600 per week.  (a) Which category of jobs would be least affected by the change? (b) Which two categories would be most affected by the new minimum wage? (c) What are the likely consequences for workers in these two fields?

March 14

Today we took a quiz on supply and demand.  see me for makeup

Combine both supply and demand curves on one graph and show the change in both based on each scenario
Questions: 
Graph, shift the curves properly, identify the reasons why each curve moved and identify what happened to the price and quantity. SUPPLY AND DEMAND SHIFTS

1. Seneca Apple Juice is forced to increase its price a tiny bit while Apple Tree is unaffected. Seneca apple machines have a major breakdown: Graph Seneca curves

2. An especially warm summer has resulted in a huge increase of ice cream being purchased. As a result, a few more ice cream trucks companies have been seen throughout the city streets. Graph for ice cream

3. Coffee prices drop. The price of paper (resource in coffee filters) has increased which caused the price of coffee filters to increase. Graph for coffee filters

4. All consumers are given a small $300.00 tax break. A new process allows three times as many diamonds to be mined per day. Graph diamond curve

5. War in Afghanistan kills many Afghan people. The United States tries to help Afghanistan by sending in many new types of machines that assist them in producing consumer goods. Graph for goods in Afghanistan.

6. People are just starting to think sport utility vehicles are unsafe and ugly. American motor companies are taxed an additional huge 10%. Graph for American Motor companies

7. The cost of producers’ raw materials has increased greatly while the taxes on big business have been reduced by a small 2%. Graph for big business

8. It has become a fad to own a dog. The dog food companies are becoming tired of the strict regulations regarding the ingredients in dog food and many are unable to stay in business. Graph for dog food.

March 13

Supply Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2RWlEdi1pemN1U0E/edit?usp=drive_web

Read the following newspaper headlines. In each case decide if the event will cause a change in the market supply of cars. If you think the supply will increase, write “increase”. If not, write “decrease”. If no change will occur then write “no change”.Support your answer with the reason why supply shifted (technology, number of firms, price of inputs, taxes)

1. AUTO WORKERS AGREE TO WAGE AND BENEFIT CUTS

_______________REASON_________________

2. NEW ROBOT TECHNOLOGY INCREASES EFFICENCY IN DETROIT FACTORIES

__________________REASON__________________

3. NATIONWIDE AUTO STRIKE BEGAN AT MIDNIGHT

__________________REASON_____________________

4. U.S. ALLOWS MORE FOREIGN CARS (ELIMINATES QUOTAS) TO

BE SHIPPED INTO THE COUNTRY

__________________REASON_____________________

5. TAX CUTS IN STORE FOR BIG AUTO MAKERS

__________________REASON_____________________

6. STEEL PRICES RISE 10%

__________________REASON_____________________

7. HEALTH INSURANCE COSTS RISE AND THE AUTO MAKERS

ARE RESPONSIBLE FOR 50% OF EMPLOYEE PREMIUMS

__________________REASON_____________________

8. LARGE AUTO PRODUCER GOES BANKRUPT, CLOSES FACTORIES

__________________REASON_____________________

9. IRS RAISES TAXES ON AUTO MAKERS

__________________REASON_____________________

10. ELECTRICITY PRICES DECREASE 40% THROUGHOUT THE U.S.

__________________REASON__________________________________

For each of the scenarios: A. Sketch a rough supply curve for each scenario below and graph the supply change with a dotted line. B. Identify the reason for the supply change (i.e. taxes, technology) C. Identify if the change was an increase or a decrease 1.  Due to the great success of Mr. CASH’s “TEACHERS MOBILE SUPPLY UNIT” many more competitors are trying to copy the idea. Graph for teachers mobile supply units. 2.  The “goo” material in lava lamps become very expensive. What happens to the supplier’s ability to supply? Graph for Lava lamps 3.  The state government reduces taxes at Big Mikes Burger Place an extra 10%. What happens to the supplier’s ability to supply? Graph for Mikes Burger Place 4.  Due to the war in Indonesia, Indonesian Cinnamon Producers have been fighting rather than harvesting cinnamon causing the price to skyrocket. What happens to the supply curve of cinnamon graham crackers that depend on Indonesian cinnamon? 5.  An invention that increased the production of shoes is flawed thus companies must discontinue the use and go back to the old method. What happens to the ability to supply? Graph for shoes. 6.  Boeing was charged an unexpected additional $8 Billion in taxes. What happens to Boeings ability to produce planes? 7.  What happens to the supply of computers when a government regulation is eased which allows many more companies to enter the market and compete?

Supply and Demand Worksheet: https://drive.google.com/file/d/0B_gpVfHfuRG2UGRCRExBelRJWGc/edit?usp=sharing

March 12

Read the following newspaper headlines. In each case decide if the event will cause a change in the market demand for beef. If you think the demand will increase, write “increase” to the left of the word “reason”. If not, write “decrease”. Support your answer with the reason why demand shifted. (complementary, substitute, income, taste/preference, or population).

1.    Price of beef rises

____________________Reason_________________________

2.    Millions of immigrants pour into the United States

___________________Reason__________________________

3.    Pork prices drop

        ______________Reason_______________________

4.    Surgeon general warns that eating beef can be hazardous to your health

___________________Reason__________________________

5.    Average wages drop for the 3^rd month in a row

___________________Reason__________________________

6.    Newest fad is eating beef hamburgers with anchovies

___________________Reason__________________________

7.    Higher price of charcoal threatens memorial day cookouts

___________________Reason__________________________

8.    Chicken cures many forms of cancer

___________________Reason__________________________

9.    Consumer are given 20% more back in their tax returns

___________________Reason__________________________

10.                       WWIII kills 1/3 of the males in the U.S.

___________________Reason__________________________

For each of the scenarios:

A.  Sketch a rough demand curve for each of the scenarios below and graph the demand change with a dotted line and label the curves.

B.  Identify the reason for the demand change (i.e. substitute effect, income effect, etc.)

C.        Identify as increase or decrease in demand 
1.        What happens to the demand for Oranges if my paycheck becomes larger due to decreased taxes? 
2.        What happens to the demand for Cotton clothing if Polyester becomes a big fad.

3.        What happens to the demand for Hot Dog Buns if hot dogs are determined to be cancer causing.

4.        What happens to the demand for live Gold fish if people learn to like the flavor of live goldfish

5.        What happens to the demand for Coke if the cost of the ingredients is Pepsi increases so much

         that Pepsi must raise its cost by 50% while Coke prices stay the same.

6.        What happens to the demand for Milk if the price of cereal falls to an all time low.

7.        What happens to the demand for Pepsi if Pepsi changes their recipe and many of the consumers don’t like it.

Notes on Supply- Supply Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2RWlEdi1pemN1U0E/edit?usp=drive_web

March 11

Read and take notes on pages 81-82 specifically looking at Demand Schedule and how to graph a demand curve.
Answer the following questions (need to be listed in your table of contents as Demand questions)

1. Define and give an example of income effect.
2. What are the characteristics of a demand curve?
3. Explain why the law of demand can apply only to a free market economy.
4. What is the difference between a market demand schedule and an individual demand schedule?
5. Create your own demand schedule for a good (such as a snack item) and create a series of price levels (6).  Go to a classmate and ask how much of the good they would buy at each price. Based on the data collected, create an individual demand schedule.

March 10

Demand Notes: Demand Notes: https://docs.google.com/file/d/0B_gpVfHfuRG2bS1XbnNNVjdBZlE/edit?usp=drive_web

March 6

We took the Chapter 11 Exam today.  If you missed it you need to see me on Monday and make it up.  Needs to be made up immediately upon return.  You may use a 3x5 note card

March 5

Notebook Check Tomorrow
11.1 Questions
11.2 Notes (Bonds)
11.3 Notes (Stocks)
11.3 Questions
Great Crash Timeline
Investing Graphic Organizer
Ch. 11 Review

Test Tomorrow

Jeopardy Review: https://drive.google.com/file/d/0B_gpVfHfuRG2REdWeXo3R3FDLUk/edit?usp=sharing

March 4

Chapter 11 Review

Pp 294-295 #1-9, 11-24

Notebook Check and Exam Thursday.
Notebook check will be posted tomorrow.

March 3

Today we conducted a Socratic Seminar on investing.  If you missed class you need to write a 1/2 page paper on why investing is important to our economy and hand in to me by Wednesday.