| MICRO: Unit 3, Topic 3.7 Perfect Competition (6 to 7 class periods) |
| MICRO: Unit 3, Topic 3.6 Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market (1 class period) |
| Joel Miller FEE.org Curriculum Development Officer Taught AP® Economics at Forsyth County Schools, Georgia for 14 years John Morton Award for Excellence in Economic Instruction, 2020 AP® Economics Reader |
| FEE.org Presents |
| Fireside Chat 6 |
| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) AP® Economics Test Development Committee Member AP® Reader and Table Leader |
| Matt Pedlow Chelsea High School, Michigan Economics Educator for 24 years. John Morton Award for Excellence in Economic Instruction, 2018 AP® Daily Video Instructor, Reader, and Table Leader |
| Reff -- Cell Phone Graphing (1 minutes) |
Instructors
| (Foundation for Economics Education) |
| "Saving You Time by Teaching Online." |
Agenda for this evening Unit 3: Microeconomics -- Production Cost and the
Perfect Competition Model
*Joel Miller: Introduction (1 minute)
*Joel Miller: 1.6 Utility (7 minutes)
*Joel Miller: 3.1 The Production Function (3 minutes)
*Matt Pedlow: Understanding, Calculating, and Graphing Various Types of Costs (15 minutes)
*Joel Miller: Types of Profit (5 minutes)
*Eric Allmeroth: Costs and Perfect Competition Starter or Review Videos (7 minutes)
*Steven Reff: Everything You Have to Know about Perfect Competition (25 minutes)
*Steven Reff: Activities Listed Below (2 minutes)
*Joel Miller: Wrap Up (1 minutes)
Perfect Competition Model
*Joel Miller: Introduction (1 minute)
*Joel Miller: 1.6 Utility (7 minutes)
*Joel Miller: 3.1 The Production Function (3 minutes)
*Matt Pedlow: Understanding, Calculating, and Graphing Various Types of Costs (15 minutes)
*Joel Miller: Types of Profit (5 minutes)
*Eric Allmeroth: Costs and Perfect Competition Starter or Review Videos (7 minutes)
*Steven Reff: Everything You Have to Know about Perfect Competition (25 minutes)
*Steven Reff: Activities Listed Below (2 minutes)
*Joel Miller: Wrap Up (1 minutes)
AP® is a trademark registered and owned by The College Board®, which is not affiliated
with, and does not endorse, this website, reffonomics.com, Joel Miller, Matt Pedlow,
Steven Reff, or FEE.org.
with, and does not endorse, this website, reffonomics.com, Joel Miller, Matt Pedlow,
Steven Reff, or FEE.org.
| MICRO: Unit 3, Topics 3.4 and 3.5 Types of Profit and Profit Maximization (1 class period) |
| Current Events for Unit 1 Websites (1 minutes) |
Link to: fee.org/learning-center
| MICRO: Unit 3, Topic 3.2 and 3.3 Short-Run Production Costs and Long-Run Production Costs (3 class periods) |
| MICRO -- Unit 3: Production, Costs and the Perfect Competition Model |
| MICRO: Unit 3: Topic 3.1 The Production Function (1 and 1/2 class periods) |
| Unit 3: Production, Costs, and the Perfect Competition Model (11- 13 class periods) (22 - 25 % of class) |
The below Enduring Understanding, Learning Objectives, and Essential Knowledge are from
the AP® Macroeconomics Course and Exam Description, Effective Fall 2020
(collegeboard.org).
*AP® and Advanced Placement are registered trademarks of The College Board® which is
not affiliated with online.reffonomics.com, FEE.org, nor does it endorse this Principles of
Macroeconomics Course Curriculum.
the AP® Macroeconomics Course and Exam Description, Effective Fall 2020
(collegeboard.org).
*AP® and Advanced Placement are registered trademarks of The College Board® which is
not affiliated with online.reffonomics.com, FEE.org, nor does it endorse this Principles of
Macroeconomics Course Curriculum.
Terms and Examples of Fixed Costs and Variable Costs: https://reffonomics.com/WBchapter6CostsFCandVCdraggable2RAeconomics2021.html Graphs that relate to Short-Run Costs for CED Questions (minimize screen) https://reffonomics.com/2022CostsShortRunQuestions.html Graphs that relate to Long-Run Costs for CED Questions https://reffonomics.com/2022CostsLRATCQuestions.html - - - - - - - - - - - - - - - - - - - - - - Stand-Alone Dragging and Drawing Graphing Costs Websites: Graph with FC + VC = TC: https://reffonomics.com/2022CostsFCplusVCequalsTC.html Graph with ATC and AVC to Calculate Dollar Amounts: https://reffonomics.com/2022CostsATCandAVC.html Graph AFC when given ATC and AVC and Calculate Dollar Amounts: https://reffonomics.com/2022CostsAFC.html Graph with ATC, AVC, and MC to Calculate TR, FC, VC, TC, and Profit https://reffonomics.com/2022CostsATCAVCandMC.html Interactive Quiz on Formulas, Terms, and Graphing Cost Curves https://reffonomics.com/2016/Chapter20/WBChapter6CostsGraphing.html - - - - - - - - - - - - - - - - - - - - - - Calculating Costs using a Table Websites Table on Calculating VC and MC: https://reffonomics.com/WBchapter6CostTableRAeconomics2021.html Table on Calculating FC, VC, TC, and MC: https://reffonomics.com/WBchapter6CostTable2RAeconomics2021.html Table Calculating Revenue, Cost, and Profit: https://reffonomics.com/2016/Chapter20/WBchapter6CostTableRevenueCostProfit.html |
| Matt Pedlow (20 minutes): MICRO: Unit 3, Topic 3.2 and 3.3 Short-Run Production Costs and Long-Run Production Costs (3 class periods) |
| Steven Reff (3 minutes): Describe Activities Below for Unit 2: Topics 2.1 - 2.8 |
| Joel Miller Introduction (1 minutes) |
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| Joel Miller Wrap Up (1 minutes) |
| Joel Miller (7 minutes) MICRO Unit 1, Topic 1.6 Utility and Consumer Choice (1 and 1/2 class periods) |
| Calculating Marginal Utility and Total Utility: https://reffonomics.com/2022UtilityTuandMU.html Calculating Marginal Utility Per-Dollar Spent: https://reffonomics.com/WBchapter5Ultiity2RAeconomics2021.html Calculating Marginal Utility Per-Dollar Spent with a Budget Constraint: https://reffonomics.com/WBchapter5Ultiity3RAeconomics2021.html Utility and the MB = MC Graph: https://reffonomics.com/firesidechatUTILITYJoel.html |
| Steven Reff (20 minutes): MICRO: Unit 3, Topic 3.7 Perfect Competition (6 to 7 class periods) |
| Notice how The College Board® graphs show the market on the left and the firm on the right. |
| Notice how Reffonomics.com® graphs show the market on the right and the firm on the left. |
| Joel Miller (3 minutes) MICRO Unit 3, Topic 3.1 The Production Function (1 class period) |
The Production Function (units of hourly wage labor an input cost): https://reffonomics.com/WBChapter6CostsProductionFunctionGraphRAeconomics2021.html NOTE: This is a stand-alone graph that is used only once throughout the course. You might want to save this lesson for Unit 5: The Factor Markets and jump forward to Topic 3.2 Cost Curves which are far more important curves in Perfect and Imperfect Competition. |
| Joel Miller (5 minutes): MICRO: Unit 3.4 Types of Profit; Topic 3.5 Profit Maximization; Topic 3.6 Firm's SR and LR Decisions to Enter or Exit (1 class) |
Types of Profit, Topic 3.4 Types of Profit and Topic 3.5 Profit Maximization: https://reffonomics.com/WBChapter8PerfectCompetitionTypesofProfitMaximization.html |
| Eric Allmeroth (Special Guest) AP Microeconomics Educator for 14 years at South Lake Tahoe High School and Microeconomics and Macroeconomics Instructor at Lake Tahoe Community College for nearly two decades |
| Eric Allmeroth (Special Guest) (7 minutes): Starter or Review Videos (Last 4 minutes or less) on Costs and Perfect Competition |
| Cost Curve Videos: https://reffonomics.com/RAeconomicsreviewcosts.html Perfect Competition Videos: https://reffonomics.com/RAeconomicsreviewpc.html |
| Reff -- Reffonomics Baseball (1 minutes) |