Hey there -
It's time to start looking things over for review (as well as retests) - as of today, we have 22 school days before the national exam. We have one more unit to finish, and then we will be practicing with free response questions.
That means - much of the review falls on you. You will be getting a review book from the school, but please don't write in it - I made the deal to get the "Naked Economics" books as well as the review books as long as I could use them for a few years. :) You will be charged for the price of a new book if they are damaged.
Also - here are some REALLY helpful links - "all the graphs you need to know":
http://www.reffonomics.com/TRB/chapter30/BasicConceptGraphs7.swf These are basic concepts - ppc's, S & D, etc.
http://www.reffonomics.com/TRB/chapter30/micrographs7a.swf Basic S & D through PC
http://www.reffonomics.com/TRB/chapter30/Micrographs10.swf Market graphs
http://www.reffonomics.com/TRB/chapter30/worldpricetariff12.swf World price/tariff graphs.
These slides may go into more or less detail than we have in class. Use them as a review tool - they offer the chance to question yourself & give the answer on the next slide. They are EXTREMELY helpful - the guy who does this really does a great job and is very helpful.
This week: Labor markets!
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9 comments:
Ok, how are we supposed to be able to apply the unit 3 stuff? I understand the idea behind the stuff, but I bombed that test. I understand how to graph the stuff, how do we learn to apply though?
Application comes through a number of things. First, you have to have absolute working knowledge of the content. Not just "yeah, I *think* I know this..." but "I know this completely."
Second, the application questions on the internet, the in-class short answer quizzes, and the blogs can help you prepare for application.
It's not enough just to know it. You have to know it inside out and upside down. Yes, that is very difficult. Yes, it means you will have to study more/harder/better - however you need it put.
YOU MUST KNOW THAT INFORMATION BACKWARDS AND FORWARDS. There is no other way. There is only one question that I will take off the test you took because I can see how you might view two answers as correct. The rest, you should have been able to figure out.
Sorry if that sounds mean. That's my job.
Those links are really helpful. If you have couple spare minutes just watch them.
If there is anyone who would like to order his/her own review book from amazon for 12 bucks let me know. If we get 3 people together they will be shipped for free. I am ordering mine on Sunday night. Shipping on Monaday morning.
in the books you gave us to review, which chapters did you say we didn't need to look at?
Derek, I'm not positive off the top of my head - but any of the Macro will not be on your national test. That would be anything dealing with inflation, GDP, money and banking rates, etc. There is one chapter (20?) towards the end that was relevant to part of our class - on trade, but the other half was all international currency rates, which is macro.
Nice and confusing, hey?
Thank you for the links!
I got a question...the demand curve in a monopoly is elastic at one part and inelastic at another because why? Is it becuase price gets to high? It is 2:30 in the morning, so the answer may be simple and I just can't remember
All demand curves are elastic towards the left end and inelastic towards the right. Lower prices usually equal more inelastic demand, because a change in price won't be that big of a deal.
If you calculate elasticity as % change in QD over % change in P, the more elastic demand is towards the right.
On the monopoly graph, the point where MR crosses the axis (into the negative) marks the point where the elastic and inelastic demand switches. Anything to the left of that point is more elastic, anything to the right is more inelastic.
hth -
Question: i was looking over the Unit 4 packet and i still dont quite grasph the difference between and factor/product and the nsupply/demand. The factor involves work (hiring for example), while the product involes the selling and buying. correct? How do you determine then whether its the supply or demand role? (Activity 43, lesson one, Part A-second column in that chart)
Thanks much!
Okay, so what is the difference between a 1st, 2nd, and 3rd degree monopoly? (From the powerpoint).
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