Mikeroeconomics: Daily Review -- Supply and Demand

Mikeroeconomics: Daily Review -- Supply and Demand: For teachers who want a worksheet on the variables that can move supply and demand, I have a Google document here . The document is 10 page...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Toy Tax

Mikeroeconomics: Toy Tax: This Slate article explains why toys "face" a lower tax than dolls. So Transformer are action figures that are taxed lower than a Barbie....

Mikeroeconomics: Daily Review -- Unemployment Rate

Mikeroeconomics: Daily Review -- Unemployment Rate: Calculate the unemployment rate for June, July, Aug, Sept, Oct, and Nov. Interpret the data. My answers are in order my month:...

Mikeroeconomics: Daily Review -- Per Unit Tax

Mikeroeconomics: Daily Review -- Per Unit Tax: In order to boost consumer spending, the government removes the per-unit tax on Pep UP! Print off this page and use a marker to show what h...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Kindle Fire

Mikeroeconomics: Kindle Fire: Look for my app on teaching supply and demand on the Android Mall soon. The app is free to readers of this blog. This app will elimina...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Daily Review -- Normal Goods

Mikeroeconomics: Daily Review -- Normal Goods: Print out the graph, Market for Pep UP! then use a pencil to sketch what happens to the market equilibrium when consumer incomes fall. Ass...

Mikeroeconomics: Daily Review -- Supply and Demand

Mikeroeconomics: Daily Review -- Supply and Demand: On the graph, Market for Pep UP! show what happens to the market equilibrium when the price of sugar donuts increases. Assume that sugar do...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Daily Review -- Supply and Demand

Mikeroeconomics: Daily Review -- Supply and Demand: On the graph, Market for Pep UP! show what happens to the market equilibrium for Pep UP! when the price of Yea! Cola increases. Assume th...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Kindle Fire APP

Mikeroeconomics: Kindle Fire APP: My new app will be on supply and demand and available on Amazon.com next week.  This app costs a $1 and will teach you about supply and de...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Derivied Demand and Ethanol

Mikeroeconomics: Derivied Demand and Ethanol: Derived demand is a term used in the factor market used to explain that the demand for a resource such as labor is "derived" from the produc...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Ethanol Subsidy

Mikeroeconomics: Ethanol Subsidy: How do Ethanol subsidies work? I wrote to Dr. Walter Nicholson , author of my favorite intermediate textbooks on Microeconomics. This po...

Mikeroeconomics: Daily Review -- Income Elasticity

Mikeroeconomics: Daily Review -- Income Elasticity: Can a good be both income inelastic and a normal good? My answer is "yes." If my income raises, I might buy more laundry detergent...

Mikeroeconomics: Daily Review -- Natural Monopoly

Mikeroeconomics: Daily Review -- Natural Monopoly: 1. If the monopoly is unregulated, what will be the monopoly price? 2. What is the perfect competition price? 3. What is the approxim...

Mikeroeconomics: Daily Review -- Real Variables

Mikeroeconomics: Daily Review -- Real Variables: AmosWEB.com has the best economics encyclopedia on the web.  This Daily Review was inspired by looking at current statistics. If the CPI ...

Mikeroeconomics: Efficiency Wages and Structural Unemployment

Mikeroeconomics: Efficiency Wages and Structural Unemployment: When Juan when to work selling advertising for SignPro, a local business, Juan was paid $25 per hour. Juan's wage rate was $7 higher than h...

Mikeroeconomics: WHO ARE THE UNEMPLOYED?

Mikeroeconomics: WHO ARE THE UNEMPLOYED?: The unemployment rate is found by dividing the number of unemployed by the labor force. The current unemployment rate is 9.1%. Although th...

Mikeroeconomics: Long Term Unemployment and Structural Unemployment...

Mikeroeconomics: Long Term Unemployment and Structural Unemployment...: This graphic is from the Pew Charitable Trusts’ Fiscal Analysis Initiative via Chart Porn. The blue line shows that the number se...

Mikeroeconomics: Daily Review--Market Structure

Mikeroeconomics: Daily Review--Market Structure: This is a quote from the WSJ . Steve Jobs knew all about competitive markets. He once likened our school system to the old phone monopoly...

Mikeroeconomics: Daily Review--Elasticity

Mikeroeconomics: Daily Review--Elasticity: In the graph to the right, explain why the Demand curve is inelastic? My answer is that elasticity is defined as the percentage change i...

Mikeroeconomics: Black unemployment rate: Highest since 1984 - Sep....

Mikeroeconomics: Black unemployment rate: Highest since 1984 - Sep....: Black unemployment rate: Highest since 1984 - Sep. 2, 2011 Also in this CNN Money article is a video about why the older generation has a j...

Mikeroeconomics: Daily Review--Related Goods

Mikeroeconomics: Daily Review--Related Goods: In the recent recession, many workers are finding that their hours are being cut. Thus, for these workers, their income is declining. Supp...

Mikeroeconomics: Daily Review--Market Failure

Mikeroeconomics: Daily Review--Market Failure: Suppose that you have two friends Juan and Juanita. Juan has an idea which will yield a return on his investment of 10%. Juan also likes t...

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Daily Review--Elasticity

Mikeroeconomics: Daily Review--Elasticity: Juan likes to drink soda pop. When the price of Pepsi increased 10%, his demand for Coke went up 20%. For Juan, are Pepsi and Coke subs? ...

Mikeroeconomics: Buy American?

Mikeroeconomics: Buy American?: My editorial for the Muscatine Journal Suppose that buying American created jobs because foreign goods were exclude...

Mikeroeconomics: Daily Review--Nintendo 3DS Sales

Mikeroeconomics: Daily Review--Nintendo 3DS Sales: After Nintendo slashed the price of the gaming system, 235 units were sold with about 80% of the unit sales related to the price ...

Mikeroeconomics: Consumer Equilibrium

Mikeroeconomics: Consumer Equilibrium: Jokes brought to you by Livescribe I've condensed Friday's notes to this 3 1/2 minute pencast.

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Daily Review

Mikeroeconomics: Daily Review: In the country of Alpha, the resources can only make two goods--This and That. When resources are specialized, Alpha can make 40 of This or...

Mikeroeconomics: Daily Review

Mikeroeconomics: Daily Review: In year t, the CPI was 208. In year t+1, the CPI is 216. What is the inflation rate? The inflation rate is a percentage change from year...

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Mikeroeconomics: Daily Review

Mikeroeconomics: Daily Review: What is the term economists use to describe the "cost of the next best alternative"? For example, suppose Juan wants to watch Monk tonight ...

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Mikeroeconomics: Daily Review

Mikeroeconomics: Daily Review: The Daily Review is an RSS feed to my app, Economics Review 2 --a FREE app for the Android. The app simply takes content from my blog and se...

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Mikeroeconomics: My New App

Mikeroeconomics: My New App: If you are a student of AP Economics, you might want to download my new FREE Android App. My app is called, Economics Review 2 and links t...

Mikeroeconomics: Scott Wolla Explains Supply

Mikeroeconomics: Scott Wolla Explains Supply: "The St. Louis Fed has a series, Economic Lowdown, for students. In this series, ' Economic Education Specialist, Scott Wolla, explains con..."

Econ Stories

A wonderful resource with critical thinking is here.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Mikeroeconomics: Market for Lemons and Adverse Selection

Mikeroeconomics: Market for Lemons and Adverse Selection: "Adverse Selection in Lemom and Insurance Market brought to you by Livescribe Inspired by the book, A Cartoon Introduction to Economics, ..."

Mikeroeconomics: Vocabulary for the AP Macro Exam

Mikeroeconomics: Vocabulary for the AP Macro Exam: "I have made a list for review for students taking the AP Macro next week. The link is here . This vocab will appear on my Android App whi..."

Mikeroeconomics: Debt Primer

Mikeroeconomics: Debt Primer: "When the economy slid into a recession, Juan, a factory worker was laid off from his job. The government lost Juan’s payroll and income tax..."

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Core v. Headline Inflation

Mikeroeconomics: Core v. Headline Inflation: "I have written a lesson about which CPI is best for reporting inflation here. Is it better to use inflation without food and energy? ..."

Inflation Lesson Plan

The Atlanta Fed has an excellent lesson plan here.

The plan uses an auction and a fixed market basket of goods.  Students are given play money to buy the goods.  Then the money supply is increased.  The teacher calculates the inflation rate using a price index.  On this site, you will also find an outstanding lesson "Benjamin Franklin and the Birth of a Paper Money Economy."

If you are looking for resources that will help you teach macroeconomics, this site will help you prepare our students for the future.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Mikeroeconomics: Perfect Competition Worksheet

Mikeroeconomics: Perfect Competition Worksheet: "Here is a problem set that will teach all of the concepts of perfect competition. I wrote this for the Successful Practices Network as a Go..."

Mikeroeconomics: Education Returns

Mikeroeconomics: Education Returns: "This graph represents how I think students learn. The blue line shows that as teachers push kids to learn the students achieve a tempo..."

Mikeroeconomics: Shrinking Products

Mikeroeconomics: Shrinking Products: "This video from Consumer Reports states the products are shrinking in a deft attempt to fool the consumer. Products require huge production..."

Mikeroeconomics: Marginal Product

Mikeroeconomics: Marginal Product: "Marginal Productbrought to you by Livescribe Today's lecture."

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Taxes and Burden of Tax

Mikeroeconomics: Taxes and Burden of Tax: "Who Pays the Taxbrought to you by Livescribe"

Mikeroeconomics: Sienfeld Economics

Mikeroeconomics: Sienfeld Economics: "Here's a site that uses clips from the popular sitcom Sienfeld to make points about barriers to entry and monopoly power. The barrier to en..."

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Mikeroeconomics: Marginal Rate of Substitution in Education

Mikeroeconomics: Marginal Rate of Substitution in Education: "Will computers replace teachers in the classroom? I think that as computers develop computers will be substituted for teachers to the..."

Mikeroeconomics: Cobb-Douglas Production Function

Mikeroeconomics: Cobb-Douglas Production Function: "The original paper on the Cobb-Douglas Production Function is found here. A hearty thanks to Tim Schilling at MV=PQ for this paper. This p..."

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About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, IA. He is an EconEdLink.org author, and also publishes the Mikeroeconomics and iMacroeconomics VB blogs.

Elasticity Coefficient and Total Revenue Test

Ed Coefficient and TR Test for elasticity
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Ceilings and Floors

Ceilings and Floors
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

The Theory of Interstellar Trade

The stand up economist, has a post to Paul Krugman's humorous article on the Theory of Interstellar Trade. The Cartoon Introduction of Economics, by Grady Klein and Yoram Bauman is superb. It covers microeconomics. Because of this book, I learned easier ways to teach hard concepts such as marginal decision making. My favorite part of the book was auctions.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Supply Curve and Supply Shifts

class="pencast">Supply and Supply Curve Shifts
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Income and Substitution Effect

Income and Substitution Effect
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Today's Lecture

Elasticity: An Introduction
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Supply Curve and Supply Shifts

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Economic Thought

The Midwest was recently blanketed with a foot or more of snow.  As people demanded snow removal, the price homeowners were willing to pay increased.  In response to the price increase, any kid with a snow shovel entered the market as a snow remover.  As the number of shovelers increased and the snow gradually disappeared, many exited the market after taking short-run profits.  This is perfect competition.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Why P=MC is Efficient

Students often have trouble understanding the efficiency condition, P=MC.  Maybe students would understand the concept if they used consumer's surplus to measure utility.  If you need a review of consumer's surplus, click here.  Assume, the P>MC.  The size of consumer's surplus will be smaller than when P=MC.  If you assume that economic actors seek to maximize utility, then the actions of consumers and producers will result in a condition that maximizes utility.  In order for utility to be maxed, P must equal MC, an efficient outcome.

In monopolized markets P>MC so utility is not maximized.  That means that resources that are used in the monopolized market could have alternate uses in a perfectly competitive market that would lead to a greater consumer's surplus and greater utility.  That's why monopolies are inefficient from society's viewpoint.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Economics Lesson Plan - Supply and Demand

This lesson plan demonstrates the concept of supply, using a YouTube video, a mnemonic and a textbook reading.

1.  View the following YouTube video by EconGirl.

http://www.youtube.com/watch?v=JiGhGzCL7Js

2.   Discuss the difference between a change in supply and a change in quantity supplied.

3.  Use a mnemonic to help students remember when the supply curve shifts.  I use  
       ROTTEN.

Resources
Other goods that are complements of substitutes in production
Taxes and subsidies
Technology
Expectations
Number of sellers

4.  Assign reading in textbook.

5.  Give appropriate grade-level assignments.

How to Show Marginal Cost

A link to a quick lesson on how to show marginal cost is here.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Economics Lesson Plan - Supply

This lesson plan demonstrates the concept of supply, using a YouTube video, a mnemonic and a textbook reading.

1.  View the following YouTube video by EconGirl.

http://www.youtube.com/watch?v=JiGhGzCL7Js

2.   Discuss the difference between a change in supply and a change in quantity supplied.

3.  Use a mnemonic to help students remember when the supply curve shifts.  I use  
       ROTTEN.

Resources
Other goods that are complements of substitutes in production
Taxes and subsidies
Technology
Expectations
Number of sellers

4.  Assign reading in textbook.

5.  Give appropriate grade-level assignments.

Which Market Structure?

Suppose a firm faces a demand curve shaped by the following formula: Q = AP^-1. This curve would be unit elastic and so the total revenue at every point would be the same. This is a downward sloping curve that is convex to the origin. Since the firm can't compete on price, the firm is essentially a price taker. What market structure does this firm operate in?

My answer is that this firm must be an exception to our economic theory. So it's an anomaly. Since the firm will probably use non-price competition, I suggest that the firm is monocomp.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Should Parking Be Free in Muscatine?

(Note: this is a popular lesson plan that I posted in 2008; you can find it here).

Students find that lunch is cheaper if they buy the “meal” instead of the entrée. So students add a half pint of milk and a side to their tray. When most are finished eating, there’s still food left on their trays. So by the end of the lunch time, you’ll see students drawing in ketchup, throwing fries, pushing a straw through an uneaten hamburger, and pouring chocolate milk out on the table. The food is excellent. Why do students waste it? Because the food is free and it is over consumed. In other words, after the food satisfies the student’s hunger, the food finds alternate uses to bring satisfaction such as being used in a food fight or modern art.

Whenever something is given away free, there’s a tendency for it to be over consumed.

What would happen if parking becomes free in the downtown area? It’ll be over consumed. The free parking will provide alternate uses and exert a cost on others.
If parking becomes free in the downtown, you’ll find that patrons will park longer than before. You will find that you can’t find a place to park downtown. You’ll find the downtown more congested. You’ll find that there will be unintended consequences exerted on people who are neither a buyer nor seller parking in downtown. Let me elaborate.

Say you want to go to the grocery store to buy a week’s worth of food. How do you find a parking place? I’ve noticed that most people try to park as close to the entrance as possible. This has many advantages. You can get into and out of the store quicker. You have to carry you groceries less distance which might be beneficial if you buy ice cream in August. I have also noticed that parking near the entrance of the store is harder to find and the traffic is heavier around the front door. What I observe is people first looking for a parking place near the door then they circle around the parking lot to looking for the next closest place to park. Sometimes, parking is the hardest part of shopping. Some people will give up and come back later. Parking around the front entrance of the store is free. Yet these coveted places are the first ones taken.

Why would free parking in the downtown be any different?

Dr. David Hakes, professor of economics at the University of Northern Iowa, “Waiting for a parking place increases as the price of parking goes down. The true cost of parking isn’t measured in the price. It’s the driving around looking for one and the walking to the place of business.”

Griffin Hahn, a future student at the University of Florida says, “The parking is free at the university. A license to park is really a license to hunt for a place to park. That’s why most students ride bikes to class or take the bus.”

I think free parking will, pardon the pun, “drive” people away from the downtown because they will not be able to find a place to park and the parking spots they find will be too far away. In the Undercover Economist, Tim Harford explains that most city dwellers would not walk 1,500 feet to save about 50 cents on an item.

Instead of free parking, I propose a parking plan that makes parking very expensive during the peak business hours and relatively cheap or free when businesses are closed. My plan would call for parking meters to be installed that accept a card that automatically debits the amount of the parking fee to the penny for the time used. Thus, if Maggie wants to rent a tux at K and D Clothiers Maggie can park in front of the store, swipe her card in the meter, run into K & D. If the transaction takes 5 minutes, Maggie gets charged ten cents. Under the current method, Maggie would put 25 cents into the meter and linger in the store until the meter expires.

The city council should put peak pricing into effect in the downtown. Peak pricing will provide parking places to those who value them the most at the time they need them without imposing huge transaction costs. And when I come home from work, I won’t park in ACE Hardware parking lot and take a space away from a paying customer.

Consumer Equilibrium

Consumer Equilibrium
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Interactive Flash Annimation

If you are looking to use interactive graphs in your teaching or learning of economics, you might be interested in this site. A thanks goes to John LeFeber of the Council for Economic Education.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Terms of Trade

This document will settle any doubt you or your students have about find the terms of trade.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Who Captures the Value in a Global Innovation Network

Where do the components of an iPod come from? This brilliant article explains.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Reasons for a Change in Demand

Demand Shifters TRIBE
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

John Morton on the Costs and Benefits of Teaching AP Economics

This paper discusses the merits or AP instruction. I disagree.

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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.

Introduction to Demand

Relative Cost
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About the Author: Mike Fladien is a high school Economics and Law teacher in Muscatine, Iowa. He has been called the EconHacker because he has a talent for explaining Economics concepts in a simple language that anyone can understand.