Q&A Board for AP Microeconomics by Mr Kelly https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah en-us 2023-06-14 08:23:25 UTC 2023-10-11 08:15:34 UTC hello@padlet.com HOW TO USE THIS Q&A WALL kmatthew6_1 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2654563746 It's simple really; leave your questions here and either I or other students will jump in to help.

We will have this wall for all of the course, i.e all semester (we'll start a new one in Jan).

FYI both AP classes contribute to the same wall :)

Would be great if you left your name on the note, but no worries if not.]]> 2023-08-02 04:19:32 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2654563746 What is it called when PED = infinity? https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663026997 2023-08-16 03:12:16 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663026997 Is PED negative? kkavya241_1 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663027205 2023-08-16 03:12:27 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663027205 Can you remind me of the factors that move the demand curve up and down? https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663027527 2023-08-16 03:12:50 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663027527 what is meant by future expectations when shifting a demand curve? https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663028411 2023-08-16 03:13:51 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663028411 Can price or quantity go beyond the x or y axis? https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663028680 2023-08-16 03:14:12 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663028680 what is PED = 1 pcharadhara24_2 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663089250 2023-08-16 04:42:30 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663089250 number 4 on ped worksheet https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090032 2023-08-16 04:43:44 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090032 Elasticity of demand coefficient https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090054 I need an explanation of calculating elasticity of demand coefficient.]]> 2023-08-16 04:43:46 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090054 Number 9 on the PED worksheet https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090490 2023-08-16 04:44:21 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090490 relatively inelastic https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090815 What if there are multiple relative inelastic demand and the question says choose only one inelastic demand. 

Ex) PED question 3. ]]> 2023-08-16 04:44:52 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090815 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090990 when we are calculating the endpoiont formula for percentage change, what is midpoint? what is different?]]> 2023-08-16 04:45:08 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663090990 Mr. Kelly taught us that percentage change is ((New#-Old#)/Old#), but when I googled it, all the websites with the information said ((New#-Old#)/((New#+Old#)/2)) https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663095495 Why?]]> 2023-08-16 04:51:26 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2663095495 what is the consumer surplus when PED is perfectly inelastic and PES is perfectly elastic? ljio241_1 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2673802059 2023-08-26 16:29:19 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2673802059 Why is the deadweight loss bigger when demand is more elastic (ceteris paribus)? ljio241_1 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2674704751 2023-08-28 05:17:42 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2674704751 why does trade increase the PPC for both goods? https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2679420977 2023-08-31 06:54:57 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2679420977 In Warm Up for Summative 1, Frq 2-b- iv). ljio241_1 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2681713075 How can I check the short-run economic profits for typical firms? I think I can check the increase in profit with the revenue box, is it right? 

Also, how can I know that market supply will become more elastic in the long run?]]> 2023-09-02 04:52:33 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2681713075 In warm up for summative 1, question 21 part e, it asks: Explain why the imposition of the price ceiling does not result in a deadweight loss. However, when I drew the graph. there did seem to be a DWL as the quantity demanded was more than the constant quantity supplied. Did I go wrong somewhere? nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682111325 2023-09-03 03:01:38 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682111325 For question 2 in worksheet 2.7.3, is future expectations also a valid answer? Since it says no one contracted the virus in the US yet nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682120115 2023-09-03 03:40:37 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682120115 What is the complete defintion of scarcity? nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682130685 2023-09-03 04:30:17 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682130685 on question 14 of the warm up summative, what did it mean by surplus would be eliminated? nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682135005 2023-09-03 04:50:34 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682135005 nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682136348 What does that triangle represent where I labeled DWL?]]> 2023-09-03 04:56:54 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2682136348 Why can you add marginal costs to get the variable cost? nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2706843884 2023-09-16 14:34:23 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2706843884 About long run production costs https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2730527180 In the long-run production cost presentation, it says that "the law of diminishing marginal returns does not apply in the long run because there are no fixed costs.". I am confused with the economics of scale & definition of the long run. When I googled why the economics of scale occurs, it told me that even if the production cost increases, the fixed cost is constant. But didn't we learn that in the long run, all the costs are variables? I am confused. ]]> 2023-10-03 15:59:58 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2730527180 What might be some barriers to exit a market? nharsrith25 https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2741373096 2023-10-11 07:49:12 UTC https://padlet.com/kmatthew6_1/a6e8x9pvgfskqoah/wish/2741373096