+ Externalities: Socially Optimal Quantity of Natural Gas Students will examine a prominent social issue, hydraulic fracturing, to state the implications.

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Presentation transcript:

+ Externalities: Socially Optimal Quantity of Natural Gas Students will examine a prominent social issue, hydraulic fracturing, to state the implications in terms of social costs and benefits and work to organize a plan of action to find the socially optimal level of pollution. Homework: 1.Mod Read/vocab/graphs 2.Read/annotate assigned reading— “Contemporary Labor Market Issue Topic”

+ Hydraulic Fracturing—“Fracking” 60 Minutes Report

+ Is Fracking Worth It? COSTS BENEFITS

+ Advisory Council: What Approach Should We Take? In groups of 3-4 examine the potential solutions sheet Discuss and weigh the costs/benefits to decide on an approach/answer questions Examine together in 5 minutes… OR

+ Illustrating Costs/Benefits of Externalities Externalities: private actions of a firm/individual that cause society to pay a price/reap a benefit they were not intended to…hidden cost/benefit on people not involved in transaction MSC = marginal social cost MSB = marginal social benefit Price QuantityQ socially Optimal P

+ Externalities Examples: Positive Negative Vaccines Infrastructure Public education Public transportation National defense Pollution Texting and driving Illegally downloading music 2 nd hand smoke Monday we will analyze how these events will effect a perfectly competitive at equilibrium…

+ Contemporary Issues in Labor Markets Fishbowl: Wed. 4/22 Last in-class assignment (worth 25 points) 3 topic areas: Minimum wage increase Unequal pay for women The role of unions/organized labor Within your assigned topic area you will be assigned a position to research…on Wednesday you will come ready to present, discuss, and inform your classmates on your topic/position More directions to come

+ Period 1: Topics/Positions Minimum Wage Increase Unequal Pay for Women The Role of Unions Libertarian: Steph Cameron Chris Libertarian: Grisha Liam Nick Proponents: Emma Dexter Will Gov’t Regulated: April Zack Cole Ally Gov’t Regulated: Tim Jill Ryan James Opponents: Jace Nate Kathryn Andrew Your homework for the weekend, read/annotate group topic publication based on assigned topic. Be sure to pick up the correct publication before you leave today!

+ Period 2: Topics/Positions Minimum Wage Increase Unequal Pay for Women The Role of Unions Libertarian: Alex Steve Jack Libertarian: Nick Ally Conor Proponents: Liam Suhee Gov’t Regulated: Phil Mason Sloane Gov’t Regulated: Matt Alan Luke Opponents: Laura Parke AJ Your homework for the weekend, read/annotate group topic publication based on assigned topic. Be sure to pick up the correct publication before you leave today!

+ Period 3: Topics/Positions Minimum Wage Increase Unequal Pay for Women The Role of Unions Libertarian: Jim Ryan Katherine Oni Morgan Libertarian: Anna-Charolette Grace Nick Dana Proponents: Caroline Jonathan Courtney Frank Gov’t Regulated: Ben Yuge Ankine Kaylee Gov’t Regulated: Natalie Tom Nina Kirin Opponents: Ted Max Sophia Ethan Your homework for the weekend, read/annotate group topic publication based on assigned topic. Be sure to pick up the correct publication before you leave today!

+ Period 4: Topics/Positions Minimum Wage Increase Unequal Pay for Women The Role of Unions Libertarian: Matt Andy Ryann Ryan F. Libertarian: Jonathan Chris C. Missy Eli Proponents: Liz Dylan Katherine Jack Gov’t Regulated: Christian Pat Chris W. Meaghan Gov’t Regulated: Sarah Ryan S. Alex Gloria Opponents: Liudas Tyler Brett Selena Your homework for the weekend, read/annotate group topic publication based on assigned topic. Be sure to pick up the correct publication before you leave today!

+ Period 7: Topics/Positions Minimum Wage Increase Unequal Pay for Women The Role of Unions Libertarian: Greyson Daniel Matt. F. Tori Libertarian: Ignacio Chris Yi-Kai Dahnvin Proponents: Amanda Sophia Kate Jess Gov’t Regulated: Jake Zack Suproteem Alex Gov’t Regulated: John Matt P. Kees Jimmy Opponents: Emily Ben Rob Aurora Your homework for the weekend, read/annotate group topic publication based on assigned topic. Be sure to pick up the correct publication before you leave today!

+ Period 8: Topics/Positions Minimum Wage Increase Unequal Pay for Women The Role of Unions Libertarian: Dean Chris Dana Libertarian: Kevin Sam Thomas Paul Proponents: Mike Rahul Dan I. Will Gov’t Regulated: Eddie Max Greg Steve Gov’t Regulated: Elise Daniel X. Eric Opponents: Jeff Nick Jenn Your homework for the weekend, read/annotate group topic publication based on assigned topic. Be sure to pick up the correct publication before you leave today!