Wednesday, August 31, 2011
Students shall be able to
define market equilibrium,
define equilibrium price,
define equilibrium quantity,
explain what is unique about equilibrium conditions, and
evaluate how markets allocate scarce goods.
Graphing exercise – cotton, from Heyne study guide. [Click here for graphs for this exercise.]
Reading from The Houston Chronicle - "A look at the positive side of price-gouging and greed" [Word or PDF]
Complete the equilibrium graphing exercise.
Grade the equilibrium graphing exercise. Grade class discussion. Monitor and adjust as necessary.