Quiz Chapters 6-7
Questions to focus on:
- What is the business cycle?
- What is the macro-economist’s role in terms of the business cycle?
- What impact do the different stages have on aggregate supply and demand?
Additional Practice and Review:
Read Chapter 10
Review the “Check Your understanding Questions” – you should be able to answer them from your notes
- Perfect Competition
- Monopolistic Competition
Additional Practice and Review
Read 152- 157
Everybody Wants to Rule the World
Complete a 3-2-1 sheet for the article and bring to class
Download (PDF, 5.01MB)
Markets and Competition
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The test scheduled for tomorrow has been rescheduled to Wednesday April 3rd
Please begin work on the next assignment
Read Chapters 6-7 – Pay careful attention to the models on page 158-160
Please read the following:
Download (PDF, 1.63MB)
Please work on the In Our Time Assignment Part I – Due Friday
Please prepare for the quiz on Chapters 6-7
Questions you should be able to answer:
What are utils?
How does total utility differ from marginal utility?
Can you illustrate total and marginal utility using graphs?
What is the paradox of value?
Applications of Supply and Demand -Class Discussion:
If markets can find equilibrium in supply and demand and allocate resources efficiently- why and how do governments intervene extensively in markets? Should governments intervene in markets?
Tools Governments Use:
Subsidies and Quotas
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