Internal Assessment

Beginning on Thursday we will work on our second Internal Assessment article.  You must choose an article to discuss from a variety of news sources.  Remember that whatever source you used for your last article, you cannot use for this one.

650-750 words on the article review.  Remember to focus more on the Economics behind the article and less on the article itself.

Article: Thursday, October 24
First Draft: Monday, October 28
Final; Wednesday, October 30

Government Intervnetion

Government Intervention usually encompasses Subsidies, Taxation and Price Controls (floors and ceilings).

Read the following articles about the Hawaii's experiments:

http://usatoday30.usatoday.com/money/industries/energy/2005-08-24-hawaii-gas_x.htm

http://www.foxnews.com/story/2006/05/08/hawaii-stops-gasoline-price-controls/

The impacts of price floor and ceilings are discussed in your books on pages 81-90.  Read these pages carefully.   There will be a test on Monday, October 7.

Internal Assessment

This site may help you with the IA

https://ib-econ.wikispaces.com/Internal+Assessment

McDonalds

Using Elasticity, explain why McDonald's instituted the Dollar Menu.

New Student Grade book URL

 https://253netclass.blackbaudhosting.com/netclassroom7

Elasticity

Elasticity measures the change in the market when there is a change in price.  There are four types of elasticity we will study:

Price Elasticity of Demand= %Change Demand/%Change Price
     
    Inelastic= 0< Elasticity<1
    Unit Elastic= 1
    Elastic= Elasticity>1

Income Elasticity
    Normal Goods
    Inferior Goods
Cross Elasticity
    Compliments
    Substitutes
Elasticity of Supply

8/29/13:  HW  Read pages 52-59

9/3/13: HW Read pages 59-65

Microeconomics

Demand and Supply
   Determinants of Demand
        Population
        Income
        Tastes
        Prices of Related Products: Substitute and Complements
        Price (sort of)
  Determinants of Supply
     Price of Inputs
     Goals of Firms
     Indirect Taxes
     Technology
     Weather



HW 8/18 pp. 33-43 (no blue pages)

Answer the questions on the following website:

http://windward.hawaii.edu/facstaff/briggs-p/introduction%20and%20syllabus/supplydemandworksheet.pdf


HW http://www.tutor2u.net/blog/files/Market_Demand_Supply.pdf

Answers:

http://www.tutor2u.net/blog/files/Market_Demand_Supply_Key.pdf

TEST on Thursday, August 29 on Supply and Demand