1. Dictate sentences about PC and Mono equilibrium
2. Explain monopoly short and long run equilibrium
3. PPP for unit purpose https://mail.google.com/mail/?shva=1#inbox/1274d1392801780a
4. Welfare quiz
5. PPP for efficiency definitions
Showing posts with label A2. Show all posts
Showing posts with label A2. Show all posts
A2 M3 Lesson 11 How PC works
1. Review situations from last class
2. At bottom of WB, write the PC equilibrium outcome. In top left "firm(s) making supernormal profit" and top right "firm(s) making a loss"
3. Students work together to put in missing steps for getting from dis to eq for supernormal
4. Students move around curves on Word Doc to illustrate this https://mail.google.com/mail/?shva=1#inbox/1274d255a2faf003
5. Repeat 3 and 4 with firms making a loss
6. Draw diagrams in notebooks about above
7. Emphasise self-correction of markets
2. At bottom of WB, write the PC equilibrium outcome. In top left "firm(s) making supernormal profit" and top right "firm(s) making a loss"
3. Students work together to put in missing steps for getting from dis to eq for supernormal
4. Students move around curves on Word Doc to illustrate this https://mail.google.com/mail/?shva=1#inbox/1274d255a2faf003
5. Repeat 3 and 4 with firms making a loss
6. Draw diagrams in notebooks about above
7. Emphasise self-correction of markets
A2 M3 Lesson 10 The Market and Firm in PC
1. Etymology of word "super" and therefore supernormal profit definition
2. Each student writes definition of "normal profit", brainstorm and write definition
3. PPP for definition of equilibrium https://mail.google.com/mail/?shva=1#inbox/1274d2a9af755d99
4. Discuss what equilibrium means for PC
5. Groups at WB:
6. Draw graphs with supernormal profit, check and mark each others using PPP as guide https://mail.google.com/mail/?shva=1#inbox/1274d2bcaf514c8f
7. Using PPP, chnage situation and draw new and mark and comment
8. Repeat until time is up
2. Each student writes definition of "normal profit", brainstorm and write definition
3. PPP for definition of equilibrium https://mail.google.com/mail/?shva=1#inbox/1274d2a9af755d99
4. Discuss what equilibrium means for PC
5. Groups at WB:
6. Draw graphs with supernormal profit, check and mark each others using PPP as guide https://mail.google.com/mail/?shva=1#inbox/1274d2bcaf514c8f
7. Using PPP, chnage situation and draw new and mark and comment
8. Repeat until time is up
A2 M3 Lesson 9 Normal and Supernormal Profit
1. Preparation: read Powell p.48 and Andy Gray handout https://mail.google.com/mail/?shva=1#inbox/1274d2d4eaeda84f
2. Story of the 5000 soldiers in the desert (need water, cups, and paper)
3. Elicit economics story from students
2. Story of the 5000 soldiers in the desert (need water, cups, and paper)
3. Elicit economics story from students
A2 M3 Lesson 8 Monopoly Curves and MC=MR Experiment
- Elicit Monopoly diagram on board
- Explain briefly long run equilibrium situation
- Divide class into - money / quantity / graph reader / excel
- Draw MC and MR curves for PC. Make 40 quantity be MC=MR. Let p = 60.
- Get 0,10,20,30,40 on table and in Excel
- Put £60 for MC and £60 for MR where Q=40 on table and in Excel
- Put MR = £60 for all other qs
- Read off MC amounts for other Qs and enter
- Now zoom into quantities for 31-40
- Should prove the point - draw total profit and explain that MC=MR is biggest difference between TR and TC
- Repeat for monopolist situation with new MR
A2 M3 Lesson 7 Perfect Competition Revenue
- Explanation of method of deriving conditions pc by economists
- Go through assumptions using PPP https://mail.google.com/mail/?shva=1#inbox/1274d30eb2dd3eda
- Activity - tear off hints and individual then team then one by one practice assumptions of pc https://mail.google.com/mail/?shva=1#inbox/1274d31e850030dd
- Back to PPP - info about revenue
- Why D=AR
- Why D curve is perfectly elastic for pc firm
- Why AR=MR for pc firm
- Look at pc curves
AS M2 Lesson 6 Components of AD
- Warmer - different rates of unemployment card thingie
- Discuss answers to spending decisions activity from yesterday
- Students do activities 1-3 https://mail.google.com/mail/?shva=1#inbox/126faf1a608829f2
A2 M3 Lesson 5 Long Run Average Costs
- Re-emphasise importance in long /short distinction in allowing us to theorise about firms in general
- Use PPP to talk about change from long to short run and relationship SRAC and LRAC https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262a
- Reminder - economies and diseconomies of scale / minimum efficent scale
- Ss try to draw different LRACs https://mail.google.com/mail/?shva=1#inbox/126d6e5d683a1dfb / show on PPP https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262 and then discuss
- Make notes about ecs of scale from handouts, peek ahead and then check https://mail.google.com/mail/?shva=1#inbox/126d6e77799a81bd
- Use table to contrast short and long run cost theory ideas
A2 M3 Lesson 3 Average Cost Curve and Diminishing Returns
- Recap yesterday - esp short/long run // TFC, AFC
- Variable Costs
- students sketch TVC - point out not a straight line
- The Law of Diminishing Returns
- Flower field example https://mail.google.com/mail/?shva=1#inbox/126d178fedd0074b
- Put into graph form to show shape of TVC
- Draw graph next to it of AVC
- Total costs - sketch curves
- The average cost curve
- Big sketch of AFC , AVC
- AC = AFC + AVC show how can use addition to plot AC curve
- Explanation - use Krugman info
A2 M3 Lesson 2 Introduction to Costs
- Go through answers from hwk (1-input/output/magic box ; 2 - production role of entrepreneur)
- Use answers from 3 to go into short run v long run
- explain concept - alternative way of viewing time / helps to compare seemingly very different production processes
- example - window cleaner / air plane maker - elicit examples of f of p
- rank f of p according to ease of adding more
- line on WB - distinction short/long run, the tipping point. Add f of ps from example businesses
- Therefore, can see similarities btw any production process FOR ANY BUSINESS SHORT AND LONG RUN CONDITIONS ARE DIFFFERENT ESP COSTS
- Powell diagram p.13 - emphasises returns to scale = economies of scale
- Fixed costs
- Give defs of fixed/variable costs and elicit examples
- Student sketch TFC curve
- PPP gym example to demonstrate AFC https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262a
A2 M3 Lesson 1 Ownership and Objectives
- Welcome to hell!
- Look through specification. http://store.aqa.org.uk/qual/gce/pdf/AQA-2140-W-SP.PDF
- Look through past paper. https://mail.google.com/mail/?hl=en&shva=1#inbox/12b3467652903b6d
- Skills examined on PPP https://mail.google.com/mail/?hl=en&shva=1#inbox/12b346a3480c383f
- PPP showing 9 areas of M3 https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262a
- Overview of Wk 1 work https://mail.google.com/mail/?shva=1#inbox/126d0d6fbcd578f3
- Types of firms: sole trader / partnership / private limited company / public limited company (5 min discuss)
- Firms' objectives: brief read of document / Ss do questions / on wb "Possible Conflicts of Objectives e.g. reduce pollution (social/community objective) v. profit maximisation" / Ss test each other on conflict areas and then I test them https://mail.google.com/mail/?shva=1#inbox/126d0d80566d9d43
- Divorce of ownership from control - copy from Tuto2u Textbook / read and discuss principal-agent problem
- For tomorrow - make notes on Production Questions You Should Know About