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Originally contributed by Jesse Mercer, a long-time Curriki member. In this lesson, the teacher introduces fundamental concepts of economics to the class. This should create a "working vocabulary" for the class for the remainder of the project.
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Introduction:
This lesson covers the following topics from micro-economics: supply & demand, the concept of supply and demand "curves", fixed costs, variable costs, the concepts of revenue and profit, and the concepts of cost and revenue "curves".
Group Size: Any
Learning Objectives:
1. Students will gain a general understanding of the above concepts from micro-economics
2. Students will acquire a working vocabulary for the project using the words "cost and revenue curves", "demand curve", "revenue and proft".
3. Students will demonstrate their understanding through composing notes on the subject
Procedures:
Inform the students that this class will be very different than most "math" classes: we will be talking about economics, the math of money. Inform them that they will be expected to pay close attention in class and ask any questions that might occur to them, because they will have to type up notes on this topic tonight for homework. These notes will be turned in tomorrow and revised, and they will figure as part of the required content in their portfolio (see checklist and rubric).
The teacher will then give a small lecture that defines and explains the following topics:
The teacher should use an example to make this clearer (for instance, a coffee business where the fixed costs are the rent and advertising, and the variable costs are the cost of the coffee, water, and employee time). Create some arbitrary numbers for each of these and work through each of the above cost, revenue, and profit concepts to ensure that students understand.
Assessment:
Students will type up their notes from the class period and turn them in during the following class. The teacher should review these notes, and students should revise and correct them, and then place the final draft in their portfolios.
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Video to support above lesson:
Be able to explain what consumer surplus, producer surplus, and social gain are in graphical terms given the supply and demand curves.
Questions answered by this video:
How do you find the consumer surplus, the producer surplus, and the total social gain by computing integrals on a TI graphing calculator given a demand and supply function that are functions of the quantity?
How do you find the equilibrium quantity and price given supply and demand functions?
How do you find the equilibrium quantity and price for a situation using the Equation Solver on a TI graphing calculator?
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