Unit 5: Ch 13,14,18 Costs, Perfect Competition and Labor Markets
Monday 19
Tuesday 20
Wednesday 21
Tax definition Quiz
Taxes
Production simulation
Begin notes on cost
●TR, TC, Profit
●Explicit and implicit
● Economic and
accounting profit
(4 weeks) AP Economics
Thursday 22
Begin notes on cost
●TR, TC, Profit
●Explicit and implicit
● Economic and
accounting profit
●Fixed and variable costs
●Average and Marginal
costs
●shapes of the curves
Vocabulary guide
Friday 23
More cost practice
Assignment: Read Ch 13
pp.271-274 Outline
Assignment: Read Ch 13
pp.259-271 Outline
Hat worksheet – practice
packet
Monday 26
Tuesday 27
●Short run & long run
●Economies of scale
Graphing costs
FRQ practice
Wednesday 28
PSATs – no class
Cost Quiz – this is a big
one
Thursday 29
4 market structure
simulation and notes
Assignment: Read Ch 14
pp.279-289 Outline
Friday 30
●Competitive market
●Average and marginal
revenue
●Profit maximization
●Shut down rule
●Long run
(multiple choice and FRQ)
Assignment: Read Ch 14
pp.289-295 Outline
Unit 5: Ch 13,14,18 Costs, Perfect Competition and Labor Markets
Monday Nov 2
Tuesday 3
Wednesday 4
Perfect competition
quiz
More perfect competition
practice (chalk)
Perfect competition FRQ
Monday 9
Tuesday 10
Labor Market FRQ practice Review
Labor Market Quiz
Assignment: Read Ch 18
pp.375-382 Outline
(4 weeks) AP Economics
Thursday 5
●Demand for labor
●Marginal product of labor
●Value of the Marginal
product of labor
●Supply of labor
●Changes in the supply of
labor
Assignment: Read Ch 18
pp.383-393
Wednesday 11
Thursday 12
Review
Friday 6
Labor market practice
Friday 13
UNIT 5 Test (Ch 13,14,18)
Assignment: Read Ch 15
pp299-310 Outline
Unit 5: Ch 13,14,18 Costs, Perfect Competition and Labor Markets
Unit 5 Vocabulary and Concepts
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Total revenue
Total cost
Profit
Explicit costs
Implicit costs
Economic profit
Accounting profit
Production function
Marginal product
Diminishing Marginal product
Fixed costs
Variable costs
Average total cost
Average fixed cost
Average variable cost
Marginal cost
Efficient scale
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Economies of scale
Diseconomies of scale
Constant returns to scale
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(4 weeks) AP Economics
Competitive market
Average revenue
Marginal revenue
Profit maximization
Shutdown decision
Sunk cost
Exit decision
Zero economic profit
Mr. Darp
Factors of production
Marginal product of labor
Value of the marginal product
Capital
Derived demand
Least cost profit maximizing