Mary Clancy
AP Micro Economics
Week of January 4th – 8th
Monday, January 4th:
Objectives for today’s lesson:
Chapter 8 Quiz.
Tuesday, January 5th
Objectives for today’s lesson:
Begin chapter 9
After completing this chapter, students should be able to:
1. List the four basic market models and characteristics of each.
2. Describe characteristics of a purely competitive firm and industry.
3. Explain how a purely competitive firm views demand for its product and marginal revenue
from each additional unit sale.
4. Compute average, total, and marginal revenue when given a demand schedule for a purely
competitive firm.
5. Use both total-revenue—total-cost and marginal-revenue—marginal-cost approaches to
determine short-run price and output that maximizes profits (or minimizes losses) for a
competitive firm.
6. Find the short-run supply curve when given short-run cost schedules for a competitive firm.
7. Explain how to construct an industry short-run supply curve from information on single
competitive firms in the industry.
8. Explain the long-run equilibrium position for a competitive firm using entry and exit of firms
to explain adjustments from nonequilibrium positions.
9. Explain the shape of long-run industry supply curves in constant-cost and increasing-cost
industries.
10. Differentiate between productive and allocative efficiency.
11. Explain why allocative efficiency and productive efficiency are achieved where P = minimum
AC = MC.
12. Explain why allocative efficiency and productive efficiency are consistent with maximizing
consumer and producer surplus.
13. Define and identify terms and concepts listed at the end of the chapter.
Discuss slides 1-11. Short run profit maximization. Define vocab terms at the end of the chapter.
Students will complete the handout activity (lesson 3, activity 27), pages 139-143.
Answer and short answer (1-10).
Wednesday, January 6th:
Objectives for today’s lesson:
Continue discussing profit maximizing in the short run. Slides 12-16.
Packet: Complete part C page 143-145
Thursday, January 7th:
Do Now: Check and go over assignments.
Objectives for today’s lesson: Continue to discuss chapter 9 Changes in supply (slides 1826)
Students will complete Key question 6 and 7
Packet: pages 147-155.
Friday, January 8th:
Objectives for today’s lesson:
Go over the entire packet completed throughout the week.
H.W. complete study guide.