Transcript Economics

Opening Act
Everyone must do all of the following
1.
Sit in your “normal” seat
2.
Take out whatever you use to write down HW
3.
Take out all of your HSFC materials
Chapter 1
Section
Main Menu
Agenda
1.
Discuss “Demand for Entrees….”
2.
Receive Total Revenue Information
–
3.
Discuss
Receive Cost Data Information
–
4.
Discuss
Receive Daily Costs Information
–
Discuss
5.
Project Log #1
•
HW- 2 tasks Due next class
1.
Go to sharepoint under today’s date & print out the Unit Info pdf, it will prove
useful throughout the rest of the unit
2.
Project Log #2•
Chapter 1
Review your HSFC materials & what you read in Chapter 4. Then answer the
following questions using complete sentences (next slide)
Section
Main Menu
Project Log #2 HW-complete sentences
1.
Why might the cost of labor & ingredients be
higher for Fleur-de-lys than for Taco Villa?
2.
Why are stall & equipment rentals called “fixed
costs” while labor & ingredients are called
“variable costs”?
3.
How do these costs affect how much it costs to
produce an entrée?
•
Use your handouts (pages 50-55) and textbook
(Chapter 5)
Chapter 1
Section
Main Menu
Project Log #1
1.
•
Answer these questions in complete sentences:
1.
Why does Bennie’s sell more hamburgers when they are
priced at $1 than when they are priced at $5?
2.
Why can Bennie’s sell more hamburgers for $1 than
Sally’s can sell salads for the same price & how does this
affect the total revenue brought in by each restaurant?
3.
What are some of the things that determine how many
entrees students will buy from each restaurant?
Use your materials and do your best to answer all three
questions
Chapter 1
Section
Main Menu