Wed demand consumer surplus
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This document contains notes from an economics class discussing the law of demand and consumer surplus. It defines demand as the amount of a good that consumers are willing and able to buy at various prices over time. It explains the law of demand, which states that as price decreases, quantity demanded increases, and as price increases, quantity demanded decreases. Finally, it defines consumer surplus as the difference between what people are willing to pay for goods and what they actually pay at market prices.
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02 tues demand consumer surplus
This document provides an overview and lesson plan for a class on the law of demand and consumer surplus. It includes:
1) An introduction to the topic, its importance to the consumption side of the economy, and a definition of demand.
2) Instructions for students to create a demand schedule and supply/demand graph with proper labels.
3) An explanation of the law of demand - as price decreases, quantity demanded increases, and vice versa. Demand curves always slope downward.
4) A definition of consumer surplus as the difference between what people are willing to pay and what they do pay at market prices.
5) An assignment for students to complete demand curves due at the start of
02 tues demand consumer surplus
This document provides an overview and lesson plan for a class on the law of demand and consumer surplus. It includes:
1) An introduction to the topic of the day - the law of demand and why it is important to understand consumer demand.
2) A definition of demand as the amount willing and able to be bought at various prices.
3) Instructions to create a demand schedule and supply/demand graph with proper labels as an example.
4) A definition of the law of demand that as price decreases, quantity demanded increases, and vice versa.
5) An explanation that changes in price do not actually change demand but rather the quantity demanded at the margin.
6) A
Supply and Demand in grade12 student PPT.pdf
Introduction to Demand
We buy products for their utility- the pleasure, usefulness, or satisfaction they give us.
What is your utility for the following products? (Measure your utility by the maximum amount you would be willing to pay for this product)Do we have the same utility for these goods?Introduction to Demand
One reason the demand curve slopes downward is due to diminish marginal utility
The principle of diminishing marginal utility says that our additional satisfaction tends to go down as we consume more and more units.
To make a buying decision, we consider whether the satisfaction we expect to gain is worth the money we must give up.
Changes in Demand
Demand Curves can also shift in response to the following factors:
Buyers (# of): changes in the number of consumers
Income: changes in consumers' income
Tastes: changes in preference or popularity of product/ service
Expectations: changes in what consumers expect to happen in the future
Related goods: compliments and substitutes.
BITER: factors that shift the demand curve
Changes in Demand
Prices of related goods affect on demand
Substitute goods a substitute is a product that can be used in the place of another.
The price of the substitute good and demand for the other good are directly related
For example, Coke Price
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Complementary goods a compliment is a good that goes well with another good.
When goods are complements, there is an inverse relationship between the price of one and the demand for the other
For example, Peanut Butter Price
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Supply can refer to the output of one producer or to the total output of all producers in the market (market supply).Introduction to Supply
• A supply schedule can be shown as points on a graph.
• The graph lists prices on the vertical axis and quantities supplied on the horizontal axis.
• Each point on the graph shows how many units of the product or service a producer (or group of producers) would willing sell at a particular price.
• The supply curve is the line that connects these points.
Introduction to Supply
As the price for a good rises, the quantity supplied rises and the quantity demanded falls. As the price falls, the quantity supplied falls and the quantity demanded rises.
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• The reason the supply curve slopes upward is due to costs and profit.
• Producers purchase resources and use them to produce output.
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This document provides an introduction to the economic concepts of supply, demand, and market equilibrium. It includes definitions of demand and supply, how to represent them graphically with demand and supply curves, and factors that can cause the curves to shift. The key points covered are:
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1) An introduction to the topic, its importance to the consumption side of the economy, and a definition of demand.
2) Instructions for students to create a demand schedule and supply/demand graph with proper labels.
3) An explanation of the law of demand - as price decreases, quantity demanded increases, and vice versa. Demand curves always slope downward.
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1) An introduction to the topic of the day - the law of demand and why it is important to understand consumer demand.
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3) Instructions to create a demand schedule and supply/demand graph with proper labels as an example.
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Supply and Demand in grade12 student PPT.pdf
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01 monopolistic comp
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01 3 reform
This document discusses the Reformation period in Christianity between 500-1500 AD. It provides background that during this time all Christians were Catholic, led by the Pope and bishops. The priests sold indulgences claiming they could reduce time in purgatory. Martin Luther protested the Catholic Church's corruption in 1517, sparking the Protestant reformation. Luther and other reformers disagreed with practices like selling indulgences and wanted people to be able to read the Bible in their own language. The document examines key figures and events of the Reformation like Martin Luther, his 95 Theses, and the new Protestant churches that formed.
Pharm mon to perfect
This document discusses demand for lifesaving pharmaceuticals and the pricing of drugs under a monopoly. It asks how the demand curve would look if a firm had a patent on a cure for cancer and what deadweight loss would be. It also asks if such a firm should be allowed to charge any price and how quantity supplied would change if the firm price discriminated. The document then provides a graph showing the transition from a monopoly market to a competitive market when a drug patent expires and generics enter. It asks about other similar markets and provides links about copyright and public domain works.
Price discriminating monopolist
This document discusses the concept of price discrimination. It begins by defining price discrimination as selling the same good at different prices to different buyers based on their willingness to pay. It provides examples such as student/senior discounts and differences in airline ticket prices. The document explains that under perfect price discrimination, a monopolist can capture all consumer surplus as profit and eliminate deadweight loss. However, in reality firms can only imperfectly discriminate by dividing customers into groups based on observable traits related to willingness to pay. It concludes by asking questions about whether price discrimination should always be illegal and discussing the "Soup Nazi" character from Seinfeld.
Monopoly types
This document discusses monopolies and public policy related to monopolies. It begins by explaining the key characteristics of a monopoly market, including that a monopoly has total pricing power as the sole seller of a good or service. It then discusses the different types of monopolies such as geographic, government-granted, technological, and natural monopolies. The document goes on to explain how a profit-maximizing monopoly determines its optimal quantity and price using demand and marginal cost curves. It notes that a monopoly produces a lower quantity and charges a higher price than would be produced under perfect competition, resulting in deadweight loss. Finally, it discusses various public policy options for dealing with monopolies, such as antitrust laws to increase competition, regulation
Thurs banking
This document contains instructions for a homework assignment about the Medici family during the Renaissance. Students are asked to answer 7 questions: 1) identifying if a source is primary or secondary, 2) discussing how the Medici family business helped Europeans, 3) considering why the Medici patronized artists, 4) listing 3 Medici contributions people enjoy today, 5) analyzing the Medici view on education, 6) evaluating the impact of powerful families, and 7) creating a timeline of 5 Medici family events. The document repeats the assignment questions multiple times.
Block renaissanceart
This document provides an overview of Renaissance art and key concepts about the Renaissance period from the 1300s to 1550. It discusses causes of the Renaissance like the rediscovery of Greek/Roman ideas and art. Renaissance art is characterized by elements like perspective, realism, contrast between light and dark, and depicting humanism in Greek/Roman styles. The document lists and shows images of famous Renaissance artists like Michelangelo, Donatello, Da Vinci, and Raphael and some of their iconic works. Students are assigned a task analyzing Renaissance paintings or creating original art in the Renaissance style.
Mon printing press
The document discusses the impact of the printing press invention by Johannes Gutenberg in the 1400s-1600s. It notes that before the printing press, all books were handwritten which was a long and difficult process. The printing press allowed books and new ideas to spread widely across Europe, helping to end ignorance. This was a factor in the Renaissance period, a time of "rebirth" in European culture and society. The document suggests Gutenberg is one of the most important people to ever live due to his role in popularizing printing.
Shut down point and profit
The document contains examples and explanations of microeconomic concepts related to firm behavior including:
1. How a competitive firm determines its profit-maximizing quantity where marginal revenue equals marginal cost.
2. How the marginal cost curve determines the firm's supply decision - if price is above marginal cost, the firm will increase output.
3. The difference between a firm's short-run decision to shutdown if price is below average variable cost, versus its long-run decision to exit the market if price is below average total cost.
Black plague wed thur
The document discusses the deadliness of diseases over time. It mentions that the Black Plague killed 30-50% of Europe's population in the 1300s. Students are asked to compare graphs showing which diseases are not as deadly today and which two diseases remain deadly. The document also discusses a modern plague outbreak in Madagascar in 2013 and brainstorms ways the US and Madagascar governments could help prevent future outbreaks. Students are assigned to create a 4-page health pamphlet for people in the 1300s about the symptoms, prevention, and societal impacts of the Bubonic Plague.
04 black plague wed thur
The document discusses several deadly pandemics throughout history, including the Black Death plague which originated in China and spread along the Silk Road to Europe in the 14th century, killing an estimated 30-50% of the European population. Students are assigned to write a letter from a Silk Road trader during this time period describing how life has changed in Rome due to the plague, symptoms of the disease, and how to prevent its spread. Other assignments involve analyzing the impact of a modern disease outbreak and creating an educational pamphlet about the bubonic plague.
03 intolerance today
The document provides instructions for students to complete assignments on discrimination and religious intolerance. Students are asked to describe a time they witnessed discrimination and how they responded, and how they will respond in the future. They are also assigned a group poster project analyzing cases of extreme religious intolerance by indicating the location, groups involved, and events, and conveying a message about the effects of such behavior.
02 intolerance inquisition
The document discusses the religious protections guaranteed by the First Amendment and how countries may change if they adopted different state religions. It provides background on countries with official state religions, the concept of a theocracy where government is run by religious rules, and details about the Spanish Inquisition where the Catholic church ruled Spain and persecuted those who did not conform to Catholic doctrine.
01 end of crusades
Constantinople was important during the Crusades as it was the capital of the Byzantine Empire and controlled the trade routes between Europe and Asia. Spain was under Muslim control during the Crusades. The document provides notes about Crusades events like the Siege of Jerusalem in 1099 and Battle of Nicopolis in 1396, and asks questions about Crusader advantages and Ibn Fadlan's travels.
Perfect comp m t
This document discusses competition in markets through a series of examples and questions. It begins with an experiment involving different levels of competition and asks students to consider how it affects pricing power. It then discusses the benefits and drawbacks of competition for consumers and producers. Various market structures are introduced, including perfect competition as exemplified by markets like gasoline, salt, and paper clips. Firms in perfect competition are price takers, and the document explores how they can increase revenue and profit given these constraints.
Sports assignment
The Tohono O'odham tribe wants to build a soccer stadium next to their casino. This would create both positive and negative externalities for the local community and governments. Negative externalities could include increased traffic and noise, while positive externalities could include more jobs and tax revenue. Finding ways to minimize the harm to neighbors, such as addressing traffic issues, would help gain city support for financing the stadium project. Understanding the elasticity of demand for tickets, concessions, and merchandise through price changes would help the tribe maximize revenue.
Cost curves computer lab
This document provides instructions for creating graphs using an online graphing tool to illustrate various microeconomics concepts related to supply and demand, costs of production, and market equilibrium. Students are asked to create graphs showing: a unit elastic supply/demand curve with price controls; a market with negative externalities; the effect of a per unit tax; short-run cost curves and break-even analysis; and supply/demand shifts in response to current events. The final questions provide an additional economics game and a request for new classroom tools.
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Wed demand consumer surplus
- 1. Bellringer As always, go get your notebook How much would you be willing to pay for this laptop computer? (what would be the most you would be willing to pay) MANKIW CHAPTER 4 ALL WEEK
- 2. Write answers on board • Factors might change our answers?
- 3. Today • Topic: Law of Demand and Consumer Surplus • Why important: It’s the consumption side of our economy
- 4. What is “demand”? • The amount of a good or service that a consumer is willing and able to buy at various prices during a given time period
- 5. Create Demand Schedule Price Quantity Demanded Graph on board Show proper labels
- 6. Proper Economics Supply/Demand Graph Price $$$$ P$ Quantity # of goods/service Q TITLE: _______ ___ Market
- 7. You try one Widget Demand Schedule Price Quantity Demanded 5 10 4 17 3 26 2 38 1 53 Demand curve reason ? D
- 8. Law of Demand Law of Demand: As price declines, quantity demanded increases. As price increases, quantity demanded decreases Law of Demand: P Therefore Q demand P Therefore Q demand Demand curve always slopes down
- 9. A linguistic problem • Does P$ change the actual demand of a good? • NO, P$ change only changes quantity demanded • “thinking on the margin” • Chicken example D
- 11. D
- 12. Consumer Surplus Consumer surplus is the difference between the amounts people would willingly pay for various amounts of specific goods and the amounts they do pay at market prices.