Today, we reviewed GDP and looked at what it means to be employed and unemployed in the US. We also learned how to calculate the labor force and unemployment rates.
We did problems from her AP Final Review including monopsony, monopsonistic labor market, finding the number of workers and wage rate on a factor cost graph, marginal product of labor, profit maximizing level of labor and output, the Gini Coefficient and how to interpret it, monopolistically competitive firms, perfectly competitive increasing-cost industry, producer surplus, interpreting the graph of a monopolistic market or a monopolistically competitive market, economic rent, cartel, short-run and long-run equilibrium, game theory application, comparative advantage, determining which part of the marginal cost curve lies on the short-run supply curve, etc.
We worked problems from her test review sheet the entire time covering such topics as monopsonistic labor markets, perfectly competitive markets, marginal revenue, marginal cost, monopolistic competition, demand curves, marginal cost curves, average total cost curves, total cost curves for various market types, perfectly competitive factor markets, least-cost combination, game theory, etc.
We worked the problems she had difficulty with on one of her tests including marginal revenue, marginal cost, marginal utility, marginal benefit, average total cost, free markets, monopolistic competition, monopoly, game theory, cross-elasticity of demand, elasticity of demand and the relationship with total cost, the producer frontier, etc.
