Agenda 10/26/10 Tuesday

1. Bell Task:
a. Compare expensive wine, vegetables, and an inferior good like potatoes in terms of income elasticity.
b. Why would the PES of dried cod be higher than that of fresh cod? Use a diagram
2. Discussion 2.2
3. HW: Quiz 2.2 will be Monday after break.

Agenda 10/25/10 Monday

1. Bell Task: Explain how a company can use PED to help maximize total revenue.
2. IA Practice
3. Discussion 2.2
4. HW: Quiz 2.2 Wednesday

Agenda 10/19/10 Tuesday

1. Bell Task:

a. A product has very few substitutes and a small proportion of income is spent on the product. What would the PED be like?
b. Describe one determinant of price elasticity of SUPPLY.
2. Discussion: Elasticity
3. HW: Read through 167

Agenda 10/18/10 Monday

1. Bell Task: Briefly compare and contrast the concepts of:
price elasticity of demand and cross-price elasticity of demand.
2. Discussion 2.2 Elasticities
3. HW: Read through 161

Agenda 10/15/10 Friday

1. Bell Task: Discuss 2 of 3 determinants of demand elasticity.
2. Discussion 2.2: Demand Elasticity
3. HW: Read through pg. 150

Agenda 10/14/10 Thursday

1. Group Assignment: Supply and Demand
2. HW: Read through page 145

Agenda 10/5/10 Tuesday

1. Bell Task: How might minimum wage laws negatively affect the people that they were intended to help? Draw a diagram.
2. Discussion 2.1
3. HW: Quiz 2.1 Tomorrow

Agenda 10/4/10 Monday

1. Bell Task: What will be the effect on either supply or demand?
a. minimum wage is increased nationally
b. a new tax is placed on cigarettes
c. price of energy falls substantially
d. rebate checks are sent to each taxpayer
2. Discussion Section 2.1
3. HW: Quiz on 2.1 Wednesday