Wednesday, August 31, 2011

Graphing Equilibrium

OBJECTIVE 

Students shall be able to

1. define market equilibrium,

2. define equilibrium price,

3. define equilibrium quantity,

4. explain what is unique about equilibrium conditions, and

5. evaluate how markets allocate scarce goods.
    

ACTIVITIES

1. Graphing exercise – cotton, from Heyne study guide. [Click here for graphs for this exercise.]

2. Reading from The Houston Chronicle - "A look at the positive side of price-gouging and greed" [Word or PDF]

 

Assignments:

1. Complete the equilibrium graphing exercise.

 

ASSESSMENT PROCEDURES

Grade the equilibrium graphing exercise. Grade class discussion. Monitor and adjust as necessary.