Showing posts with label Market equilibrium and efficiency. Show all posts
Showing posts with label Market equilibrium and efficiency. Show all posts

Wednesday, September 21, 2016

G11 - Week 6 - Day 2

In-class work
  1. Applications of Elasticity (PED, XED and YED)
  2. Find news article for practice IA assessment of ch. 3-4
    1. How to Structure an Economics IA
    2. Evaluation in Economics
    3. Sample Micro IB Economics IA
    4. Assessment Marking - See IA Rubric
  3. Ch. 3-4 practice commentary will be handed in at the end of next class (hardcopy)


From the blogosphere


Currently Reading

Education for Sustainable Happiness and Well-being
“Many of the arguments in favor of innovation build on the premise that the most innovative countries are also the most economically competitive. Hence, the need for education to shift from contributing to the older industrial model of economic development to the modern era where the knowledge economy is paramount. Discussions rarely make the connection to sustainability. Tony Wagner is an exception: 
What we urgently need is a new engine of economic growth for the twenty-first century. The solution to our economic and social challenges is the same: creating a viable and sustainable economy that creates good jobs without polluting the planet. And there is general agreement as to what that new economy must be based on. One word: innovation. (Wagner, 2012, p. 2) 
Wagner builds on the work of Teresa Amabile (1998) regarding creativity to discuss the factors that help to develop innovators. Both Amabile and Wagner see critical thinking, developing expertise, and motivation as the three key factors that interact with one another. Likewise, they both have the view that motivation is more important than expertise and creative thinking skills because this determines what you will do with the skills you have developed. They further distinguish between intrinsic and extrinsic motivation. Extrinsic motivation refers to factors outside oneself. It could mean that motivation comes from other people, a desire for approval, good grades, or fear of failure. Intrinsic motivation is more internal and is associated with interest, curiosity, satisfaction, a sense of achievement, and so on. Wagner believes that the essential ingredients for intrinsic motivation are play, passion, and purpose. This was borne out through his interviews with innovators. 
As an interesting side note, positive psychologists have found that people who are intrinsically motivated tend to report greater life satisfaction, so there is an association between intrinsic motivation and happiness (Brown & Kasser, 2005; Kasser, 2014). For example, people who are extrinsically motivated tend to place greater value on popularity, social image, and financial success. In contrast, people who are intrinsically motivated are inclined to have values that contribute to their well-being or that of others." (pp. 60-61)
  1. Do you think schools operate with the above ideas as primary to their purpose?
  2. If no, how would schools operate differently if they did devote themselves to the above ideas?

Thursday, September 8, 2016

G11 - Week 5 - Day 1

In-class work
  1. Questions?
    1. Exercise 1 & 5-8 (p. 58 & 66)
    2. Exercises 9-13 (p. 70)
    3. Exercises 2-4 (p. 64)
  2. Market for Communication
  3. Elasticities
    1. Calculating and Interpreting Price Elasticity of Demand
      1. Exercises 1-3 (p. 75)
    2. Price Elasticity of Demand and the Total Revenue Test
      1. Exercises 4-7 (p. 82)
    3. Cross Price Elasticity of Demand and its Determinants
      1. Exercises 11-13 (p. 87)
    4. Income Elasticity of Demand
      1. Exercises 14-16 (p. 89)
    5. Price Elasticity of Supply and its Determinants
      1. Exercises 17-20 (p. 95)
    6. Applications of Elasticity (PED, XED and YED)


Currently Reading

Creating a Learning Society
"Even if there is more innovation under monopoly, however, it does not mean that welfare is higher. Society pays a cost, both today and in the future, from the monopoly distortions. Only if the dynamic [tomorrow's] benefits are large enough to offset the static [today's] distortions is monopoly preferable to a competitive equilibrium." (Kindle Locations 5757-5760)

G11 - Week 4 - Day 2

In-class work
  1. Market Equilibrium, Disequilibrium and Allocative Efficiency
    1. Exercise 1 & 5-8 (p. 58 & 66)
  2. Consumer Surplus and Producer Surplus
    1. Exercises 9-13 (p. 70)
  3. A Supply and Demand Paradox - the Chevy Volt versus the Chevy Cruze
  4. Finding Equilibrium using Linear Demand and Supply Equations (HL Only)
  5. Consumer Surplus and Producer Surplus in the Linear Demand and Supply Model (HL Only)
    1. Exercises 2-4 (p. 64)


From the blogosphere
  1. Why are movie stars paid more than firefighters?
  2. Why Uber Is an Economist's Dream


Currently Reading

Creating a Learning Society
"We can now see the essential trade-off. If the government can induce a small shift in consumption [today] from [agriculture to manufacturing], then there will be a small decrease in welfare [today], but [the future's] production possibility curve will shift out, by an amount reflecting the increase in growth (enhanced learning) resulting from the increased industrial production, generating an [overall] improvement in welfare. Hence, welfare is unambiguously improved. It always pays for government to encourage the learning sector." (Kindle Locations 5545-5550)

Tuesday, September 6, 2016

G11 - Week 4 - Day 1

In-class work
  1. Questions?
  2. Assessment Peer Marking
  3. Market Equilibrium, Disequilibrium and Allocative Efficiency
    1. Exercise 1 & 5-8 (p. 58 & 66)
  4. Consumer Surplus and Producer Surplus
    1. Exercises 9-13 (p. 70)
  5. A Supply and Demand Paradox - the Chevy Volt versus the Chevy Cruze
  6. Finding Equilibrium using Linear Demand and Supply Equations (HL Only)
  7. Consumer Surplus and Producer Surplus in the Linear Demand and Supply Model (HL Only)
    1. Exercises 2-4 (p. 64)


From the blogosphere
  1. Who Is the Most Impressive Leader in the World Right Now?
  2. Happy Birthday to Me: I'm Giving Someone $3,500


Currently Reading

Creating a Learning Society
"It has long been recognized that most standard of living increases are associated with advances in technology, not the accumulation of capital. Yet it has also become clear that what truly separates developed from less developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely determined by the pace at which they close that gap.

Therefore, how countries learn and become more productive is key to understanding how they grow and develop, especially over the long term."