1. Do Now What would you do if your favorite shoes went on sale for $5? What would you do if your favorite shoes went on sale for $250?

2. MR. WOOD ECON 102 Equilibrium and Prices in the Market

3. Essential Question How are Equilibrium prices set in the market and what happens when the equilibrium prices are changed? 9.12b.2Discuss the effects of changes in supply and/or demand on the relative scarcity, price, and quantity of particular products (supply/demand curve.)

4. Objective Identify and define market equilibrium and Equilibrium price

5. Let’s go back to Berkeley!! http://www.youtube.com/watch?v=ZR2255CEhvk 24:45- 36:00 We will watch, compare notes with a partner + finally discuss the lecture

6. Today’s Reading Homework THIEVES notes for Ch. 6 Title 6.1- Introduction- 1-2 sentence summary Summary- key words + notes 6.2- 6.3, pages 100-5 Headings into questions 0-2 notes per paragraph

7. Ticket Out Paired Verbal Fluency - What did you learn today???

8. Do Now What does Equilibrium Price mean?

9. Do Do Now Why do shortages happen? Why do surpluses happen?

10. Agenda YesterdayToday THIEVES Notes Title Introduction- 1-2 sentence summary Summary- key words + notes 6.1- 6.3, pages 100-5 Headings into questions 0-2 notes per paragraph Lecture from Cal-Berkeley Lectures from Khan Academy Watch, make predictions, Compare notes + Discuss Practice Problems- Equilibrium Price Homework- THIEVES- Headings into questions - First Sentence -Key words + ideas P. 105- 111- 6.4- 6.5

11. Objective Explain and Graph Equilibrium prices Demonstrate how shifts in demand and supply affect equilibrium price

12. Lecture – Equilibrium Price https://www.khanacademy.org/economics-finance- domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/market- equilibrium https://www.khanacademy.org/economics-finance- domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/market- equilibrium Watch, Compare notes + Discuss

13. Changes in Equilibrium Price https://www.khanacademy.org/economics-finance- domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/changes- in-market-equilibrium https://www.khanacademy.org/economics-finance- domain/microeconomics/supply-demand- equilibrium/market-equilibrium-tutorial/v/changes- in-market-equilibrium Watch, make predictions, Compare notes + Discuss

14. Practice- Test Prep Practice situations with equilibrium price

15. Ticket Out What would be the new equilibrium price for a can of Red Bull if it was found out that drinking a small can of Red Bull every day made you live 5 years less?

16. Do Now Define 2 of the 3 terms Allocative Efficiency Productive efficiency Dynamic Markets

17. Agenda YesterdayToday Lectures from Khan Academy Watch, make predictions, Compare notes + Discuss Practice Problems- Equilibrium Price Homework- THIEVES- First Sentence -Key words + ideas P. 105- 111- 6.4- 6.5 Finish Test Prep Exercises Lecture- Price + Price Controls Homework- THIEVES- First Sentence -Key words + ideas P. 112- 115- 6.6

18. Objective Explain and Graph Equilibrium prices Demonstrate how shifts in demand and supply affect equilibrium price Explain the role of price in a modern mixed economy

19. Take out your Test Prep Let’s continue to work on our Test Prep

20. Allocative Efficiency Productive efficiency Dynamic Markets Creative Destruction The Role of Price in a Modern Mixed Economy

21. HOW HAS THE MARKET FOR TELECOMMUNICATIONS CHANGED IN THE PAST 20-30 YEARS? HTTP://WWW.YOUTUBE.COM/WATCH?V=EX7QLNGZ7QO HTTP://WWW.YOUTUBE.COM/WATCH?V=5MCRFXDIQWS While you are watching the two videos- Answer this question with 2-3 details

22. Ticket Out Define 2 of the 3 terms Allocative Efficiency Productive efficiency Dynamic Markets

23. Do Now What are Price Ceilings? What are Price Floors? (these are in your text book)

24. Agenda YesterdayToday Finish Test Prep Exercises Lecture- Price + Price Controls Homework- THIEVES- First Sentence -Key words + ideas P. 112- 115- 6.6 Lecture on Government Intervention

25. Price Controls - Price Floors - Price Ceilings Government Intervention

26. Price Ceiling

27. https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer- surplus/deadweight-loss-tutorial/v/minimum-wage-and-price-floors https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer- surplus/deadweight-loss-tutorial/v/minimum-wage-and-price-floors Price Floors

28. Your Test!!!! Next Class period!!!!