Supply

Today, we learned the basics of supply and producer surplus. The students also had a short quiz on demand. Several of the students showed evidence of confusion between demand and production possibilities curves on these graphs, so we will be reviewing the basics of each tomorrow.

Students should read the introduction and first chapter of the tipping point before the quiz on Monday. 

Our lifesim project will be introduced on Monday as well. This is the major project of the quarter.

Demand

Today we worked on the difference between quantity demanded and a change in demand. We also learned how to calculate consumer surplus and gave examples of ways in which businesses practice price discrimination.

We also introduced the first part of our market analysis project to be completed by Monday.

Also, note that we will have our first quiz on the summer reading on Monday.  It will cover the

Demand

Today we learned the basics of demand. Power point notes are available here.

Tomorrow we will work on our market analysis and practice demand problems. We will most likely have a demand quiz tomorrow.

Test today

We took our first test of the quarter today. Grading is in progress. Tomorrow, we will go over the test as a class and the students will have a chance to challenge any questions they believe to be unfair or incorrect. If I have made a significant enough mistake, questions will be thrown out. Parents should expect an email regarding the test after the free response section has been graded.

Tomorrow begins our unit on Microeconomics. We will be discussing demand and creating a product on which to perform a demand analysis.