Hey there!
In case anyone's interested, here's the breakdown on the tests:
19 people took it, 16 passed = 84% ----> great job, you guys!
2-5's
7-4's
7-3's
0-2's
3-1's
I'm so proud of all of you! See, most of you knew it better than you thought! :) :)
Good luck in the fall, and have a TERRIFIC freshman year -
KM
Tuesday, August 14, 2007
Tuesday, June 05, 2007
Have a nice summer!
I hope all of you have a terrific summer - full of...well, whatever you are most hoping for! (Money, sleep, travel...whatever looks good to you!)
You were a fun though challenging class, and I think that all of you did much better on the national exam than you thought you did. I knew even when you were still studying and stressing out that, for the most part, you were the best prepared class as a whole that I've had in a long time. :)
If you think of it and have a second, when you find out your scores, come on back here and let me know - otherwise, I don't find out until late August! It kills me! lol But - if you don't want anyone else to know, I completely understand.
Make sure to relax a little bit before you head out to the next phase of your life - and remember, never eat yellow snow. :) :)
KM
You were a fun though challenging class, and I think that all of you did much better on the national exam than you thought you did. I knew even when you were still studying and stressing out that, for the most part, you were the best prepared class as a whole that I've had in a long time. :)
If you think of it and have a second, when you find out your scores, come on back here and let me know - otherwise, I don't find out until late August! It kills me! lol But - if you don't want anyone else to know, I completely understand.
Make sure to relax a little bit before you head out to the next phase of your life - and remember, never eat yellow snow. :) :)
KM
Tuesday, May 22, 2007
After the Test!
Hey there!
Okay - here's the project sheet and the checkout sheet. I'm using my book to keep track of who is turning what in (tests, books, etc) - so make sure to get the stuff turned in! :)
Project:
The test…is OVER!
Here are your options for the rest of the semester. This will count as your project grade for the 4th quarter, so as I promised, you have the chance to get the grade you want in the course!
1. If you are also taking AP-Calculus, you may put together a web page(s) that would help future students in both classes. The object is to show points of comparison between the two courses, possibly some sample questions, get the info for both texts up there, compare pages, etc. Mr. Johnson and I talked about this last summer as we were looking at comparing the two courses. Since I’m not a Calc-y person and he’s not an Econ-y person, we thought it would be really cool to be able to direct students to a web page(s) that could help them in both classes. This is not a LITTLE thing – it’s a BIG thing. Think of what would have helped you as you went through both classes. Check with Mr. Johnson also – he has info and grade issues for his course. J
2. If you are interested in personal finance issues, there is a contest sponsored by ING Direct dealing with personal finance and children’s literature. http://www.adventuresinsaving.com gives all of the information, but basically you write a fictional children’s story that teaches a basic lesson about responsible money management. There is one winner per age group (you would fall into the 13-19 age group, so only one winner there), but the winner gets a $1000 savings account from ING Direct and gets their book published and illustrated. Cool, hey? You could work on it in class, turn it in as your project, and send it out to them (before June 30, 2007).
3. If you’re interested in taking a peek at the macroeconomy, you have a third option. You would research the condition of the US economy and “solve” the problems you might find. This would consist of researching information on trends in unemployment, inflation & GDP/production, then determining monetary policy (done by the Federal Reserve) or fiscal policy (done by the president & Congress) to solve the problems you find.
4. Or, a team could build the ultimate in AP Micro web pages. This would include info on the class, links, etc – anything that you would possibly have found useful as we went through the course. Topics would need to be divided by unit. I could give you a disk with all the info you’d have to link to – possibly a flash drive if I can find an open one that I’d be willing to part with (not as likely). But then – any other links you find that could be helpful would be awesome. For you overachievers – what did you find as you went searching for info that could help others in the future?
All options will include a presentation to the class to show what you’ve done and offer peer editing. Those presentations will be on June 4th & 5th.
We have the Academic Computer Lab the following days:
Th May 24th
F May 25th
T May 29th
W May 30th
Th May 31st
F June 1st
~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
And, the checkout procedure:
After the test…
A checklist for you before I will sign exemption sheets.
1. turn in (or pay the fine for):
q Mankiw book,
q mceachern book,
q wheeler book,
q 5 steps to a 5 book.
2. Return tests to me:
q Unit 1 (ch 1-3)
q Unit 2 (ch 4-9)
q Unit 3 (ch 13-18)
q Unit 4 (ch 19-21, 10-12)
q Practice test that says “comprehensive microeconomics final 2007”
q All sheets & scoring sheets for frq practice
3. Fill out & return to the envelope the “what worked & what didn’t” sheet (you don’t need your name on the sheet – just cross your name off the list on the front of the envelope)
If you have a problem with any of those, let me know. That doesn't necessarily mean that you can't be exempt, so stop freaking out on me! :) :)
Okay - here's the project sheet and the checkout sheet. I'm using my book to keep track of who is turning what in (tests, books, etc) - so make sure to get the stuff turned in! :)
Project:
The test…is OVER!
Here are your options for the rest of the semester. This will count as your project grade for the 4th quarter, so as I promised, you have the chance to get the grade you want in the course!
1. If you are also taking AP-Calculus, you may put together a web page(s) that would help future students in both classes. The object is to show points of comparison between the two courses, possibly some sample questions, get the info for both texts up there, compare pages, etc. Mr. Johnson and I talked about this last summer as we were looking at comparing the two courses. Since I’m not a Calc-y person and he’s not an Econ-y person, we thought it would be really cool to be able to direct students to a web page(s) that could help them in both classes. This is not a LITTLE thing – it’s a BIG thing. Think of what would have helped you as you went through both classes. Check with Mr. Johnson also – he has info and grade issues for his course. J
2. If you are interested in personal finance issues, there is a contest sponsored by ING Direct dealing with personal finance and children’s literature. http://www.adventuresinsaving.com gives all of the information, but basically you write a fictional children’s story that teaches a basic lesson about responsible money management. There is one winner per age group (you would fall into the 13-19 age group, so only one winner there), but the winner gets a $1000 savings account from ING Direct and gets their book published and illustrated. Cool, hey? You could work on it in class, turn it in as your project, and send it out to them (before June 30, 2007).
3. If you’re interested in taking a peek at the macroeconomy, you have a third option. You would research the condition of the US economy and “solve” the problems you might find. This would consist of researching information on trends in unemployment, inflation & GDP/production, then determining monetary policy (done by the Federal Reserve) or fiscal policy (done by the president & Congress) to solve the problems you find.
4. Or, a team could build the ultimate in AP Micro web pages. This would include info on the class, links, etc – anything that you would possibly have found useful as we went through the course. Topics would need to be divided by unit. I could give you a disk with all the info you’d have to link to – possibly a flash drive if I can find an open one that I’d be willing to part with (not as likely). But then – any other links you find that could be helpful would be awesome. For you overachievers – what did you find as you went searching for info that could help others in the future?
All options will include a presentation to the class to show what you’ve done and offer peer editing. Those presentations will be on June 4th & 5th.
We have the Academic Computer Lab the following days:
Th May 24th
F May 25th
T May 29th
W May 30th
Th May 31st
F June 1st
~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
And, the checkout procedure:
After the test…
A checklist for you before I will sign exemption sheets.
1. turn in (or pay the fine for):
q Mankiw book,
q mceachern book,
q wheeler book,
q 5 steps to a 5 book.
2. Return tests to me:
q Unit 1 (ch 1-3)
q Unit 2 (ch 4-9)
q Unit 3 (ch 13-18)
q Unit 4 (ch 19-21, 10-12)
q Practice test that says “comprehensive microeconomics final 2007”
q All sheets & scoring sheets for frq practice
3. Fill out & return to the envelope the “what worked & what didn’t” sheet (you don’t need your name on the sheet – just cross your name off the list on the front of the envelope)
If you have a problem with any of those, let me know. That doesn't necessarily mean that you can't be exempt, so stop freaking out on me! :) :)
Thursday, May 17, 2007
So...how'd it go?
Hey there! So, how do you feel about the test? We can't talk about specific questions on the exam until the FRQ are released next week, but we can see if you feel good about it!
Thumbs up, medium, or down?
I'm proud of all of you for what you've done - and I know in my heart that you were better prepared than you think you were. :)
Have a fun, relaxing day tomorrow - I'll see you Monday.
KM
Thumbs up, medium, or down?
I'm proud of all of you for what you've done - and I know in my heart that you were better prepared than you think you were. :)
Have a fun, relaxing day tomorrow - I'll see you Monday.
KM
Wednesday, May 16, 2007
Shortcuts
Accepted shortcuts for AP Micro test (these are the things the exam scorers would recognize and don’t need any other explanation from you):
· Use arrows for direction of movement (up arrow for up, etc)
· P = Price
· Q = Quantity
· D = Demand
· QD = Quantity Demanded
· S = Supply
· QS = Quantity Supplied
· Eq. = Equilibrium
· CS = Consumer Surplus
· PS = Producer Surplus
· DWL = Deadweight Loss
· MC = Marginal Cost
· FC = Fixed Cost
· TC = Total Cost
· VC = Variable Cost
· ATC = Average Total Cost
· AVC = Average Variable Cost
· AFC = Average Fixed Cost
· AR = Average Revenue
· MR = Marginal Revenue
Do NOT use:
· PC for perfect competition (use perf. comp.)
· MC for monopolistic competition (never NEVEREVEREVER – MC is marginal cost, not monopolistic competition) (use mon. comp.)
· M for monopoly (use mon.)
· O for oligopoly (use oli.)
· Use arrows for direction of movement (up arrow for up, etc)
· P = Price
· Q = Quantity
· D = Demand
· QD = Quantity Demanded
· S = Supply
· QS = Quantity Supplied
· Eq. = Equilibrium
· CS = Consumer Surplus
· PS = Producer Surplus
· DWL = Deadweight Loss
· MC = Marginal Cost
· FC = Fixed Cost
· TC = Total Cost
· VC = Variable Cost
· ATC = Average Total Cost
· AVC = Average Variable Cost
· AFC = Average Fixed Cost
· AR = Average Revenue
· MR = Marginal Revenue
Do NOT use:
· PC for perfect competition (use perf. comp.)
· MC for monopolistic competition (never NEVEREVEREVER – MC is marginal cost, not monopolistic competition) (use mon. comp.)
· M for monopoly (use mon.)
· O for oligopoly (use oli.)
Thursday, May 10, 2007
Review & Prepare!
Here are some sites that I've found with info on micro in general, studying for the AP, tips, tricks, hints, and things that people commonly mess up on. If you've found anything else, post in a comment so others can visit them, too! :) Let the linkfest begin!
General Stuff:
Some adventurous teacher/AP grader put together info on some of the most common mistakes that students make on the national exam that cost them points. Yeah, it's 108 slides, but you could hit some of it to get some ideas, and there's a kind of "table of contents" on the left side: mhtml:http://www.ih.k12.oh.us/hsslonim/AP_Economics/PPT/COMMONMISTAKES%20MICRO.mht!COMMONMISTAKESONTHEAPMICROEXAM_files/frame.htm
AMOSweb, searchable economics database: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls
Online m/c test for practice: http://www.ih.k12.oh.us/hsslonim/AP_Economics/Micro%20Units/AP%20Microeconomics%20Practice%20Test.doc
And the answers: http://www.ih.k12.oh.us/hsslonim/AP_Economics/MicroMCAnswers.htm
QUIZtastic on AMOSweb (they capitalize stuff weird) - practice quizzes: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=tst
Interactive tutorials: http://hadm.sph.sc.edu/courses/econ/Tutorials.html
College level - online info with quizzes, tutorials, lecture notes, etc - loads of great stuff: http://www.marietta.edu/~delemeeg/econ211/index.html
Online econ textbooks:
http://www.oswego.edu/~economic/newbooks.htm
http://www.mhhe.com/economics/sharp15/instructor_center/econ_educ.mhtml
http://nova.umuc.edu/~black/pageg.html
The online economics text that I borrow the animated gif files from - they're all here! http://reffonomics.com/textbook/microeconomics
All the graphs you "need" to know, animated gif files, VERY GOOD INFO HERE!
Okay - Basic Concepts: http://www.reffonomics.com/TRB/chapter30/BasicConceptGraphs7.swf
Micro Graphs, Part I (S & D through PComp): http://www.reffonomics.com/TRB/chapter30/micrographs7a.swf
Micro Graphs, Part II (Mon. through income distrib.):
http://www.reffonomics.com/TRB/chapter30/Micrographs10.swf
World Price & Tariff Graphs:
http://www.reffonomics.com/TRB/chapter30/worldpricetariff12.swf
Economics at about.com - lots of info, lots of links, could help with application: http://economics.about.com/
McConnell & Brue textbook site - this is the most often used text for AP Econ, and it has all kinds of info online. If you're not understanding something in Mankiw or McEachern, try here. Plus there's outlines, quizzes, etc. http://www.mhhe.com/economics/mcconnell/student/olc/
Book outline notes, but check for micro vs. macro. It's not showing up on this screen, and it's been awhile since I looked at it. Stupid ALC computer. :) http://www.ih.k12.oh.us/hsslonim/AP_Economics/Micro%20Book%20Notes.pdf
Online quiz sites:
http://college.hmco.com/economics/taylor/ace/index.htm
http://www.economicsnetwork.ac.uk/teaching/exam/intermediatemicroeconomics.htm
Other Blogs:
These could help with application and general knowledge. Since blogs are constantly changing, I have no specifics on here, but there's a ton of info. Really.
http://www.economicswithaface.com/weblog/index.html
http://mariettaecon.blogspot.com/
http://gregmankiw.blogspot.com/ <--This is the blog of the guy who wrote our text. :) http://www.oligopolywatch.com/
http://www.timharford.com/deareconomist/
http://www.thesportseconomist.com/
http://www.divisionoflabour.com/
http://www.freakonomics.com/blog/
http://www.env-econ.net/
General Stuff:
Some adventurous teacher/AP grader put together info on some of the most common mistakes that students make on the national exam that cost them points. Yeah, it's 108 slides, but you could hit some of it to get some ideas, and there's a kind of "table of contents" on the left side: mhtml:http://www.ih.k12.oh.us/hsslonim/AP_Economics/PPT/COMMONMISTAKES%20MICRO.mht!COMMONMISTAKESONTHEAPMICROEXAM_files/frame.htm
AMOSweb, searchable economics database: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls
Online m/c test for practice: http://www.ih.k12.oh.us/hsslonim/AP_Economics/Micro%20Units/AP%20Microeconomics%20Practice%20Test.doc
And the answers: http://www.ih.k12.oh.us/hsslonim/AP_Economics/MicroMCAnswers.htm
QUIZtastic on AMOSweb (they capitalize stuff weird) - practice quizzes: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=tst
Interactive tutorials: http://hadm.sph.sc.edu/courses/econ/Tutorials.html
College level - online info with quizzes, tutorials, lecture notes, etc - loads of great stuff: http://www.marietta.edu/~delemeeg/econ211/index.html
Online econ textbooks:
http://www.oswego.edu/~economic/newbooks.htm
http://www.mhhe.com/economics/sharp15/instructor_center/econ_educ.mhtml
http://nova.umuc.edu/~black/pageg.html
The online economics text that I borrow the animated gif files from - they're all here! http://reffonomics.com/textbook/microeconomics
All the graphs you "need" to know, animated gif files, VERY GOOD INFO HERE!
Okay - Basic Concepts: http://www.reffonomics.com/TRB/chapter30/BasicConceptGraphs7.swf
Micro Graphs, Part I (S & D through PComp): http://www.reffonomics.com/TRB/chapter30/micrographs7a.swf
Micro Graphs, Part II (Mon. through income distrib.):
http://www.reffonomics.com/TRB/chapter30/Micrographs10.swf
World Price & Tariff Graphs:
http://www.reffonomics.com/TRB/chapter30/worldpricetariff12.swf
Economics at about.com - lots of info, lots of links, could help with application: http://economics.about.com/
McConnell & Brue textbook site - this is the most often used text for AP Econ, and it has all kinds of info online. If you're not understanding something in Mankiw or McEachern, try here. Plus there's outlines, quizzes, etc. http://www.mhhe.com/economics/mcconnell/student/olc/
Book outline notes, but check for micro vs. macro. It's not showing up on this screen, and it's been awhile since I looked at it. Stupid ALC computer. :) http://www.ih.k12.oh.us/hsslonim/AP_Economics/Micro%20Book%20Notes.pdf
Online quiz sites:
http://college.hmco.com/economics/taylor/ace/index.htm
http://www.economicsnetwork.ac.uk/teaching/exam/intermediatemicroeconomics.htm
Other Blogs:
These could help with application and general knowledge. Since blogs are constantly changing, I have no specifics on here, but there's a ton of info. Really.
http://www.economicswithaface.com/weblog/index.html
http://mariettaecon.blogspot.com/
http://gregmankiw.blogspot.com/ <--This is the blog of the guy who wrote our text. :) http://www.oligopolywatch.com/
http://www.timharford.com/deareconomist/
http://www.thesportseconomist.com/
http://www.divisionoflabour.com/
http://www.freakonomics.com/blog/
http://www.env-econ.net/
Monday, May 07, 2007
Animated gif files -
Derived demand - http://www.reffonomics.com/deriveddemand.html
Determining the number of workers to hire: http://apecon.us/mrpmfc.gif
Rent: http://www.reffonomics.com/pureeconomicrent.html
Externalities (ooh, and they're about the environment, too!) :
http://apecon.us/externality2.gif
http://apecon.us/positiveexternaility.gif
Test tomorrow! Retests through next Tuesday (yes, before the national exam, but don't make that your ultimate focus - you need this stuff for the national exam, too!)
Derived demand - http://www.reffonomics.com/deriveddemand.html
Determining the number of workers to hire: http://apecon.us/mrpmfc.gif
Rent: http://www.reffonomics.com/pureeconomicrent.html
Externalities (ooh, and they're about the environment, too!) :
http://apecon.us/externality2.gif
http://apecon.us/positiveexternaility.gif
Test tomorrow! Retests through next Tuesday (yes, before the national exam, but don't make that your ultimate focus - you need this stuff for the national exam, too!)
Dan said...
So the whole degree thing has to do more with the elasticity of the demand than anything else? OK...Another thing, the whole factor market...anything on the AP test is going to be in regards to the supply and demand of labor, or will there be other things besides that on there?
3:37 PM, May 06, 2007
Yes, elasticity of D is a really good way of looking at the degrees of price discrimination.
The info we get on what they will actually put on the AP national exam is a wonderful thing (not) - here is all the info I get from them on what will be on in regards to factor markets:
Topics:
1. Derived factor demand
2. Marginal revenue product
3. Labor market and firms’ hiring of labor
4. Market distribution of income
Helpful, isn't it? That's all I got. So - S & D of labor (in a large sense, not just a basic sense), how to determine how many people to hire, and inequalities of income.
All of the layouts that I get from the College Board are in your syllabus - if you go towards the back, where I list what chapters to study for each unit, there is a list at the end that says "topics" - that's what I get directly from the College Board on what to cover in the course. Yeah, it's vague. That's what stinks. :)
So the whole degree thing has to do more with the elasticity of the demand than anything else? OK...Another thing, the whole factor market...anything on the AP test is going to be in regards to the supply and demand of labor, or will there be other things besides that on there?
3:37 PM, May 06, 2007
Yes, elasticity of D is a really good way of looking at the degrees of price discrimination.
The info we get on what they will actually put on the AP national exam is a wonderful thing (not) - here is all the info I get from them on what will be on in regards to factor markets:
Topics:
1. Derived factor demand
2. Marginal revenue product
3. Labor market and firms’ hiring of labor
4. Market distribution of income
Helpful, isn't it? That's all I got. So - S & D of labor (in a large sense, not just a basic sense), how to determine how many people to hire, and inequalities of income.
All of the layouts that I get from the College Board are in your syllabus - if you go towards the back, where I list what chapters to study for each unit, there is a list at the end that says "topics" - that's what I get directly from the College Board on what to cover in the course. Yeah, it's vague. That's what stinks. :)
Friday, May 04, 2007
Questions I missed.... :)
Okay - here are a couple of questions I missed in the last few blogs (I tend to only look at the last one after awhile...my bad...) :)
Ashley said...
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!
8:56 PM, April 24, 2007
Factor markets are looking only at things that make product - the factors of production (land, labor, capital, entrepreneurship). Most of what we do with factor markets is in labor. Anything having to do with purchasing a product from a store is a product market. Anything to do with hiring people or making things is a factor market (so therefore, supply really is a factor market, but we see it in the product market with what is produced).
In looking at the S or D of factor markets, you have to think about what is really being bought or sold. If the answer is labor - then it is a factor market. If it's capital, factor market. If it's...peanuts, it's the product market. So with the S & D questions that were in the packet (since I'm sitting in the ALC right now, I don't have the questions right in front of me), they dealt with both kinds and you had to figure out which market it applied to first, and then whether it was S or D, right?
So - if something says that the demand for computers goes up (product market), how does that affect the number of computer salespeople (factor market)? You would have to look at which is affected first (product market), and which part (demand) versus the secondary e/affect (factor market) on demand.
Am I just talking gibberish? Does this make any sense?
rageena said...
Okay, so what is the difference between a 1st, 2nd, and 3rd degree monopoly? (From the powerpoint).
11:21 PM, April 26, 2007
The "degrees" in monopoly are talking about price discrimination. I really didn't hit it because it hasn't been on the FRQ in at least 7 years - but you never know. :)
First degree will charge the highest price possible at each quantity. They are getting the highest possible CS shifted to profit because they are charging the highest possible amount. On the graph, they would be able to discriminate at every point from equilibrium to the demand curve, all the way over - that's why it's all colored in on that graph. This is the "perfect" discrimination because it allows the most profit for the monopolist.
Second degree is very similar to First degree - but falls into "block pricing" and offers the chance for different prices being charged to different people/groups depending on how much they purchase. So - if you buy a lot (like Sam's Club or something), your price will decrease with 2nd degree.
Third degree is the most common. The monopolist can discriminate against buyers on very noticable characteristics, like age (senior citizens discounts) or gender ("girls have no cover charge!"), or location (ever wonder why gas prices are always higher in Johnson Creek than here? It's right off the Interstate).
Ashley said...
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!
8:56 PM, April 24, 2007
Factor markets are looking only at things that make product - the factors of production (land, labor, capital, entrepreneurship). Most of what we do with factor markets is in labor. Anything having to do with purchasing a product from a store is a product market. Anything to do with hiring people or making things is a factor market (so therefore, supply really is a factor market, but we see it in the product market with what is produced).
In looking at the S or D of factor markets, you have to think about what is really being bought or sold. If the answer is labor - then it is a factor market. If it's capital, factor market. If it's...peanuts, it's the product market. So with the S & D questions that were in the packet (since I'm sitting in the ALC right now, I don't have the questions right in front of me), they dealt with both kinds and you had to figure out which market it applied to first, and then whether it was S or D, right?
So - if something says that the demand for computers goes up (product market), how does that affect the number of computer salespeople (factor market)? You would have to look at which is affected first (product market), and which part (demand) versus the secondary e/affect (factor market) on demand.
Am I just talking gibberish? Does this make any sense?
rageena said...
Okay, so what is the difference between a 1st, 2nd, and 3rd degree monopoly? (From the powerpoint).
11:21 PM, April 26, 2007
The "degrees" in monopoly are talking about price discrimination. I really didn't hit it because it hasn't been on the FRQ in at least 7 years - but you never know. :)
First degree will charge the highest price possible at each quantity. They are getting the highest possible CS shifted to profit because they are charging the highest possible amount. On the graph, they would be able to discriminate at every point from equilibrium to the demand curve, all the way over - that's why it's all colored in on that graph. This is the "perfect" discrimination because it allows the most profit for the monopolist.
Second degree is very similar to First degree - but falls into "block pricing" and offers the chance for different prices being charged to different people/groups depending on how much they purchase. So - if you buy a lot (like Sam's Club or something), your price will decrease with 2nd degree.
Third degree is the most common. The monopolist can discriminate against buyers on very noticable characteristics, like age (senior citizens discounts) or gender ("girls have no cover charge!"), or location (ever wonder why gas prices are always higher in Johnson Creek than here? It's right off the Interstate).
Wednesday, May 02, 2007
Undecided on how to review... :)
Okay - I've been thinking of changing how I use the review days in class. In the past, I've given free response questions (since we've only looked at one of them so far, although there is a reason for that - most FRQ cover more than one of our units, so we couldn't keep going on them...) - timed the response, graded them overnight, gone over them the next day in class.
Since I don't care whether I take them for a grade or not, and since all of you have at least one more AP exam than this one, I'm seriously thinking of changing that. I could give a FRQ a night for you to look at and attempt, and we could go over it the next day (with the College Board scoring sheet so you know how it would be graded) and then we could review the most important parts there and look at some other FRQ or m/c. No timed writing, in other words, but you'd have to do some on your own at night if you wanted to get the full experience.
Or - we could do FRQ at night with m/c practice during the class period.
Or - we could do FRQ in class with m/c practice as homework.
Or - we could do ...other things, as suggested by you. :) We are down to 10 school days to the national exam and I want to use them as wisely as possible. After the unit 4 test, we are down to 6 school days.
I'm open for any suggestions - this is your test, your college credit. There are WAAAAYYY too many of you, though, sitting there saying "I'm not going to pass the national exam anyway, so it doesn't matter." These tests are NORMED - that means that you only do as well as the others taking the test. STUDY!!! You can do this - you can pass - you can get the credit. You know more than you think you do - you just need to review it so you can recall!
Rah rah rah! There's my cheerleader imitation. That's as good as it gets. ;)
Since I don't care whether I take them for a grade or not, and since all of you have at least one more AP exam than this one, I'm seriously thinking of changing that. I could give a FRQ a night for you to look at and attempt, and we could go over it the next day (with the College Board scoring sheet so you know how it would be graded) and then we could review the most important parts there and look at some other FRQ or m/c. No timed writing, in other words, but you'd have to do some on your own at night if you wanted to get the full experience.
Or - we could do FRQ at night with m/c practice during the class period.
Or - we could do FRQ in class with m/c practice as homework.
Or - we could do ...other things, as suggested by you. :) We are down to 10 school days to the national exam and I want to use them as wisely as possible. After the unit 4 test, we are down to 6 school days.
I'm open for any suggestions - this is your test, your college credit. There are WAAAAYYY too many of you, though, sitting there saying "I'm not going to pass the national exam anyway, so it doesn't matter." These tests are NORMED - that means that you only do as well as the others taking the test. STUDY!!! You can do this - you can pass - you can get the credit. You know more than you think you do - you just need to review it so you can recall!
Rah rah rah! There's my cheerleader imitation. That's as good as it gets. ;)
Monday, April 30, 2007
Since it was asked on the blog - just to let you know, I will offer 2 practice exams after school. They will be on Th 5/10 and W 5/16 (that's the day before the test). We will start at 3:15pm.
The Th 5/10 one is a 50 question test. You will have 75 minutes to complete it (that's AP timing for m/c). That would put us at...4:30. I can grade it quickly and we can go over any questions you might have - so plan for 5:00.
The W 5/16 is 25 questions + at least one free response. The timing on the m/c would be 40 minutes, with more time for the free response depending on which one(s) I pick. Then we can review as needed - plan for 5pm, but I can stay later if needed.
Info on the exam: Bring three writing utensils - one blue, one black, one pencil. You can't use pencil on the free response, but you can use two different shades (black/blue, no other colors) to show your shifts, etc on graphs. Absolutely NO calculator is allowed - don't even bring one out at all. :(
The Th 5/10 one is a 50 question test. You will have 75 minutes to complete it (that's AP timing for m/c). That would put us at...4:30. I can grade it quickly and we can go over any questions you might have - so plan for 5:00.
The W 5/16 is 25 questions + at least one free response. The timing on the m/c would be 40 minutes, with more time for the free response depending on which one(s) I pick. Then we can review as needed - plan for 5pm, but I can stay later if needed.
Info on the exam: Bring three writing utensils - one blue, one black, one pencil. You can't use pencil on the free response, but you can use two different shades (black/blue, no other colors) to show your shifts, etc on graphs. Absolutely NO calculator is allowed - don't even bring one out at all. :(
Wednesday, April 25, 2007
Here are the dates that are possible for a practice test. We would start at 3:15pm and I would need you here until at least 5pm. This would allow for time to take the test + time to discuss anything you have a question on.
I have no problem with doing this twice - I have enough material to do practice tests. If you can't make it, I can also give you the test and the answer key, but it would be up to you to time yourself and come see me if you have questions.
Please let me know if you CANNOT make one of the following dates. I'll tally up and let you know what the best dates are for as many people as possible.
Th May 10th
F May 11th
M May 14th
T May 15th
W May 16th
Yes, I know you have other AP exams to study for. Actually, the closer to the test date (May 17th) the better, as far as I’m concerned. We could possibly do this two days, too.
I have no problem with doing this twice - I have enough material to do practice tests. If you can't make it, I can also give you the test and the answer key, but it would be up to you to time yourself and come see me if you have questions.
Please let me know if you CANNOT make one of the following dates. I'll tally up and let you know what the best dates are for as many people as possible.
Th May 10th
F May 11th
M May 14th
T May 15th
W May 16th
Yes, I know you have other AP exams to study for. Actually, the closer to the test date (May 17th) the better, as far as I’m concerned. We could possibly do this two days, too.
Tuesday, April 17, 2007
3 VERY important links!
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!
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!
Friday, April 13, 2007
Blog Postings
Wojtek asked for a list of blog posting requirements (the dates). Because we "negotiated" during the Spring Break and when your paper was due, you have the following dates to post an analysis on your own blog:
4/16 (this coming Monday)
4/23
5/7 (the last before the national exam)
5/21
6/4 (yes, even that last week of classes)
You have two comments due weekly, even on weeks that the analysis blog is due. :)
Since I'm pretty sure most of you won't check this until afterwards: how was the test?
The test average before I have had time to go through and see which questions may not be valid is 26/50 (52%). Icky. The high score(s) were a 68%, the lowest that I see is an 18%. I'm sure those will change as I go through the test.
Remember that first test, when I told you I was ecstatic with a C average, and you didn't believe me? Yeah...
Remember I told you it wasn't enough to know the information, you needed to be able to analyze and apply it? Yeah...
#1-25 on the test were from old AP exams.
Hmm...I haven't posted much here lately...you'll actually have to go look at your peers' posts to get your posts in by Monday! :) :)
Have a nice weekend -
4/16 (this coming Monday)
4/23
5/7 (the last before the national exam)
5/21
6/4 (yes, even that last week of classes)
You have two comments due weekly, even on weeks that the analysis blog is due. :)
Since I'm pretty sure most of you won't check this until afterwards: how was the test?
The test average before I have had time to go through and see which questions may not be valid is 26/50 (52%). Icky. The high score(s) were a 68%, the lowest that I see is an 18%. I'm sure those will change as I go through the test.
Remember that first test, when I told you I was ecstatic with a C average, and you didn't believe me? Yeah...
Remember I told you it wasn't enough to know the information, you needed to be able to analyze and apply it? Yeah...
#1-25 on the test were from old AP exams.
Hmm...I haven't posted much here lately...you'll actually have to go look at your peers' posts to get your posts in by Monday! :) :)
Have a nice weekend -
Saturday, April 07, 2007
The Economics of Las Vegas...
I have (mostly) recovered from my trip...we got home last on Thursday (bad air traffic into O'Hare, bad traffic out of Chicago) and I pretty much slept all day on Friday. :)
Hopefully, you have had a great Spring Break and are (almost) ready to return to the last month before the national exam! We have a lot of work left to do - your unit test is next Friday, and will be on the four types of markets.
So - anyone want to try the "econ of Vegas"? I'll start:
~buy cheap airline tickets from the monopolistically competitive market of online ticket brokers
Some questions for you to think about:
~Why do people gamble when everyone knows that there is a 90% chance you won't win a single dime? After all, those huge mega-casinos don't get built because they don't make a profit....This could also apply to the lottery - why in the world would people buy lottery tickets when you have a one in 12 million chances to win?
~Why are there so many buffets in Las Vegas? What type of market would this be? I'd bet we had a choice of at least a dozen different breakfast buffets within a 2 mile radius of our hotel. What would make them different? (Isn't breakfast just...breakfast...?)
~Why does everyone drive up the Las Vegas Strip (a 3 mile drive took us 50 minutes on Tuesday afternoon - the same drive was 10 minutes on Tuesday morning) when there's a perfectly good road one block over that is much faster and safer?
~How in the world does Las Vegas support over 15 GIANT casinos (I'm counting the ones with at least 5 restaurants in each), plus hundreds of smaller ones?
Yes, we had fun. I hope you had some down time on your break. I won't be there Monday - see you Tuesday. Enjoy your time in the computer lab. I can safely say it's the last down time you'll have until the end of May. :)
Hopefully, you have had a great Spring Break and are (almost) ready to return to the last month before the national exam! We have a lot of work left to do - your unit test is next Friday, and will be on the four types of markets.
So - anyone want to try the "econ of Vegas"? I'll start:
~buy cheap airline tickets from the monopolistically competitive market of online ticket brokers
Some questions for you to think about:
~Why do people gamble when everyone knows that there is a 90% chance you won't win a single dime? After all, those huge mega-casinos don't get built because they don't make a profit....This could also apply to the lottery - why in the world would people buy lottery tickets when you have a one in 12 million chances to win?
~Why are there so many buffets in Las Vegas? What type of market would this be? I'd bet we had a choice of at least a dozen different breakfast buffets within a 2 mile radius of our hotel. What would make them different? (Isn't breakfast just...breakfast...?)
~Why does everyone drive up the Las Vegas Strip (a 3 mile drive took us 50 minutes on Tuesday afternoon - the same drive was 10 minutes on Tuesday morning) when there's a perfectly good road one block over that is much faster and safer?
~How in the world does Las Vegas support over 15 GIANT casinos (I'm counting the ones with at least 5 restaurants in each), plus hundreds of smaller ones?
Yes, we had fun. I hope you had some down time on your break. I won't be there Monday - see you Tuesday. Enjoy your time in the computer lab. I can safely say it's the last down time you'll have until the end of May. :)
Saturday, March 24, 2007
Hmm...more things to think about!
In my quest (at the moment, it seems impossible) to finish grades by Monday, I totally forgot to post some links and questions for you guys & gals! I know, I know...inexcusable. :) I don't have a better one. I *did* learn, though, that I should know better than to pile on big things (freshmen) at the end of a quarter. I haven't been this swamped at grading time in years.
I know that out of the goodness of your hearts, you'd be willing to let me NOT grade your term papers, but I won't let you sacrifices yourself (selves?) for that. :) :)
Okay - here we go:
Monopoly:
http://www.reffonomics.com/monopoly1.ppt Introduction to Monopoly. It starts with info on copyright, trademark, etc that is useful for possible questions on the test.
http://apecon.us/monopolyperfectcompetition.gif (Price searcher = price taker) This is on MR & D curves and compare PC, M & MC (which we haven't gotten to yet, but shouldn't be too confusing)
http://www.reffonomics.com/monopoly3.html Monopoly graph
1. Explain why the MR facing a competitive firm differs from the MR facing a monopolist.
2. Even if PC does not exist, why is it important to the study of microeconomics?
3. Why is the demand curve for a monopolist different from the PC demand curve?
4. Singer Diddy has a monopoly over a scarce resource: himself. He is the only person who can produce a Diddy concert. Does this fact imply that the government should regulate the prices of his concerts? Why or why not?
5. Why is the equality of marginal cost and marginal revenue essential for profit maximization in all market structures? Why can price be substituted for MR in the MR=MC rule when an industry is perfectly competitive?
6. Assume that a pure monopolist and a purely competitive firm have the same unit costs. Contrast the two with respect to (a) price, (b) output, (c) profits, and (d) allocation of resources. Since both monopolists and perfectly competitive firms follow the MC = MR rule in maximizing profits, how do you account for the different results? Why might the costs of a PC firm and a monopolist be different? What are the implications of such a cost difference?
I know that out of the goodness of your hearts, you'd be willing to let me NOT grade your term papers, but I won't let you sacrifices yourself (selves?) for that. :) :)
Okay - here we go:
Monopoly:
http://www.reffonomics.com/monopoly1.ppt Introduction to Monopoly. It starts with info on copyright, trademark, etc that is useful for possible questions on the test.
http://apecon.us/monopolyperfectcompetition.gif (Price searcher = price taker) This is on MR & D curves and compare PC, M & MC (which we haven't gotten to yet, but shouldn't be too confusing)
http://www.reffonomics.com/monopoly3.html Monopoly graph
1. Explain why the MR facing a competitive firm differs from the MR facing a monopolist.
2. Even if PC does not exist, why is it important to the study of microeconomics?
3. Why is the demand curve for a monopolist different from the PC demand curve?
4. Singer Diddy has a monopoly over a scarce resource: himself. He is the only person who can produce a Diddy concert. Does this fact imply that the government should regulate the prices of his concerts? Why or why not?
5. Why is the equality of marginal cost and marginal revenue essential for profit maximization in all market structures? Why can price be substituted for MR in the MR=MC rule when an industry is perfectly competitive?
6. Assume that a pure monopolist and a purely competitive firm have the same unit costs. Contrast the two with respect to (a) price, (b) output, (c) profits, and (d) allocation of resources. Since both monopolists and perfectly competitive firms follow the MC = MR rule in maximizing profits, how do you account for the different results? Why might the costs of a PC firm and a monopolist be different? What are the implications of such a cost difference?
Friday, March 16, 2007
Info for Monday
Hey there -
I know all of you were in class on Friday, but just a reminder - any posts you want to make this weekend are extra credit. :)
Papers are due Monday. Remember - use graphs to help you explain your point - cite your sources - make sure you have an intro & conclusion - about 4 pages. I know that sounds simplistic...but half of you didn't turn in a rough draft, so I'm nervous.
You will get a sheet on Monday outlining the things you must, gotta hafta know about PC. Take a look at the outline, the sites listed below, etc. Seriously - you HAVE to know this stuff, and we must move on to the other markets.
Have a nifty weekend - see you Tuesday -
I know all of you were in class on Friday, but just a reminder - any posts you want to make this weekend are extra credit. :)
Papers are due Monday. Remember - use graphs to help you explain your point - cite your sources - make sure you have an intro & conclusion - about 4 pages. I know that sounds simplistic...but half of you didn't turn in a rough draft, so I'm nervous.
You will get a sheet on Monday outlining the things you must, gotta hafta know about PC. Take a look at the outline, the sites listed below, etc. Seriously - you HAVE to know this stuff, and we must move on to the other markets.
Have a nifty weekend - see you Tuesday -
Friday, March 09, 2007
Some things to think about in re: to perfect competition...
It's 4/5th hour, so I'm not positive how far we'll get, so this may be further along than we are in class. :)
1. The licorice industry is competitive. Each firm produces 2 million strings of licorice in a year. The strings have an average total cost of $.20 each, and they sell for $.30.
(a) What is the marginal cost of a string?
(b) Is this industry in long run equilibrium? Why or why not?
2. Bob's lawn mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob's short run decision regarding shut down and his long run decision regarding exit from the market?
3. Your best friend's long hours in the chemistry lab have finally paid off - she discovered a secret formula that allows people to do an hour's worth of studying in 5 minutes. So far, she's sold 200 doses, and faces the following ATC schedule: (Q--ATC) 199 -- $199, 200 -- $200, 201 -- $201. If a new customer offers to pay your friend $300 for one dose should she make one more? Explain.
~~~~~~~~~~~~~
I'm off to read rough drafts! I should be able to hand a couple back today that were emailed to me earlier this week - otherwise, my goal is to have them back to you on Monday. We'll see how that goes...then, you have a week to rewrite - they're due on M 3/19. :) (Wow, the 3rd quarter ends that Friday after that, already!)
It's 4/5th hour, so I'm not positive how far we'll get, so this may be further along than we are in class. :)
1. The licorice industry is competitive. Each firm produces 2 million strings of licorice in a year. The strings have an average total cost of $.20 each, and they sell for $.30.
(a) What is the marginal cost of a string?
(b) Is this industry in long run equilibrium? Why or why not?
2. Bob's lawn mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob's short run decision regarding shut down and his long run decision regarding exit from the market?
3. Your best friend's long hours in the chemistry lab have finally paid off - she discovered a secret formula that allows people to do an hour's worth of studying in 5 minutes. So far, she's sold 200 doses, and faces the following ATC schedule: (Q--ATC) 199 -- $199, 200 -- $200, 201 -- $201. If a new customer offers to pay your friend $300 for one dose should she make one more? Explain.
~~~~~~~~~~~~~
I'm off to read rough drafts! I should be able to hand a couple back today that were emailed to me earlier this week - otherwise, my goal is to have them back to you on Monday. We'll see how that goes...then, you have a week to rewrite - they're due on M 3/19. :) (Wow, the 3rd quarter ends that Friday after that, already!)
Costs/Perfect Competition
Here is the link to a ppt on perfect competition. It's in html format, so everyone should be able to access it. http://www.reffonomics.com/perfectcompetition/frame.htm And no, I didn't write it.
Second - some more links for your economics enjoyment -
Profit Maximization MR/MC stuff: http://apecon.us/allmeroth1aa.gif
And part II to that: http://apecon.us/allmeroth2aa.gif This will become more important as we get into the other three types of markets.
http://www.reffonomics.com/costs2/frame.htm for basic cost information. There are teacher instructions in the bottom frame that explain what's going on.
http://www.reffonomics.com/costs/frame.htm More costs stuff
http://www.reffonomics.com/shutdown2.html Costs & Shutdown rule
http://apecon.us/explicitandimplicit.gif explicit vs implicit costs
http://apecon.us/longrunshortrun.gif short run vs long run
http://www.reffonomics.com/longrunatccurve.html Long run ATC
http://www.reffonomics.com/typesofcompetition.html Types of competition
http://www.reffonomics.com/spectrumofcompetition.html Spectrum of competition
There are a lot more, this guy has tons of info. But...I think that's enough to start with. :)
Note: He does separate oligopoly & cartel, which are together in your book.
~~~~~~~~~~~~~~~~~~~~~~
Second - some more links for your economics enjoyment -
Profit Maximization MR/MC stuff: http://apecon.us/allmeroth1aa.gif
And part II to that: http://apecon.us/allmeroth2aa.gif This will become more important as we get into the other three types of markets.
http://www.reffonomics.com/costs2/frame.htm for basic cost information. There are teacher instructions in the bottom frame that explain what's going on.
http://www.reffonomics.com/costs/frame.htm More costs stuff
http://www.reffonomics.com/shutdown2.html Costs & Shutdown rule
http://apecon.us/explicitandimplicit.gif explicit vs implicit costs
http://apecon.us/longrunshortrun.gif short run vs long run
http://www.reffonomics.com/longrunatccurve.html Long run ATC
http://www.reffonomics.com/typesofcompetition.html Types of competition
http://www.reffonomics.com/spectrumofcompetition.html Spectrum of competition
There are a lot more, this guy has tons of info. But...I think that's enough to start with. :)
Note: He does separate oligopoly & cartel, which are together in your book.
~~~~~~~~~~~~~~~~~~~~~~
Friday, March 02, 2007
Costs...
Consider the following costs for a pizzaria. They go in order of Q in dozens/TC/VC
0/$300/$0
1/$350/$50
2/$390/$90
3/$420/$120
4/$450/$150
5/$490/$190
6/$540/$240
a. What is the fixed cost? how do you know?
b. What is the marginal cost per dozen pizzas using TC? What is the marginal cost per dozen pizzas using VC? What is the relationship between the two?
0/$300/$0
1/$350/$50
2/$390/$90
3/$420/$120
4/$450/$150
5/$490/$190
6/$540/$240
a. What is the fixed cost? how do you know?
b. What is the marginal cost per dozen pizzas using TC? What is the marginal cost per dozen pizzas using VC? What is the relationship between the two?
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