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QR Challenge: Economics IB

Created using the ClassTools QR Treasure Hunt Generator

Teacher Notes

A. Prior to the lesson:

1. Arrange students into groups. Each group needs at least ONE person who has a mobile device.

2. If their phone camera doesn't automatically detect and decode QR codes, ask students to

3. Print out the QR codes.

4. Cut them out and place them around your class / school.


B. The lesson:

1. Give each group a clipboard and a piece of paper so they can write down the decoded questions and their answers to them.

2. Explain to the students that the codes are hidden around the school. Each team will get ONE point for each question they correctly decode and copy down onto their sheet, and a further TWO points if they can then provide the correct answer and write this down underneath the question.

3. Away they go! The winner is the first team to return with the most correct answers in the time available. This could be within a lesson, or during a lunchbreak, or even over several days!


C. TIPS / OTHER IDEAS

4. A detailed case study in how to set up a successful QR Scavenger Hunt using this tool can be found here.


Questions / Answers (teacher reference)

Question

Answer

1. When is productive efficiency achieved?At AC min
2. When is allocative efficiency achieved?When P=MC
3. Apart from accounting costs, what other Economic Costs does a firm have to cover in order to make a normal profit?Opportunity Costs
4. Why can’t a firm in Monopolistic Competition earn abnormal profits in the long run?Because there are no barriers to entry
5. How can an oligopolist earn abnormal profits?By colluding
6. Give one of the conditions for price discriminationMarket power/can separate consumers into groups/consumers have different PEDs
7. Which diagram can be used to explain why Oligopoly is characterized by price stability?The kinked demand curve
8. Why might one firm in a collusive Oligopoly break their collusive behavior?To grab a portion of its rivals market share
9. Can a firm in perfect competition earn supernormal profit in the short run?No
10. In what sort of a market might a Monopoly decide not to earn Monopoly profits?A contestable market
11. What might minimum prices cause an excess of?Supply
12. What is the difference between Economies of Scale and the Law of Diminishing Returns?Economies of Scale happen in the long run
13. Where does MC intersect AC?At AC minimum
14. Give one example of a market where there may be asymmetric information?E.g. insurance market
15. Give one example of a regulation that could be used to reduce a given negative externality of consumptionAccurate example
16. If left to the market, why will merit goods be underprovided by the market?Their MSB is higher than their MPB/Firms do not have a financial incentive to provide enough of them
17. What does the triangle in an externality diagram show?Welfare loss/deadweight loss
18. What is the equation for cross elasticity of demand? % change in price of good X divided by % change in price of good Y

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=When_is_productive_efficiency_achieved?

Question 1 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=When_is_allocative_efficiency_achieved?

Question 2 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Apart_from_accounting_costs,_what_other_Economic_Costs_does_a_firm_have_to_cover_in_order_to_make_a_normal_profit?

Question 3 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Why_can’t_a_firm_in_Monopolistic_Competition_earn_abnormal_profits_in_the_long_run?

Question 4 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=How_can_an_oligopolist_earn_abnormal_profits?

Question 5 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Give_one_of_the_conditions_for_price_discrimination

Question 6 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Which_diagram_can_be_used_to_explain_why_Oligopoly_is_characterized_by_price_stability?

Question 7 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Why_might_one_firm_in_a_collusive_Oligopoly_break_their_collusive_behavior?

Question 8 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Can_a_firm_in_perfect_competition_earn_supernormal_profit_in_the_short_run?

Question 9 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=In_what_sort_of_a_market_might_a_Monopoly_decide_not_to_earn_Monopoly_profits?

Question 10 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=What_might_minimum_prices_cause_an_excess_of?

Question 11 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=What_is_the_difference_between_Economies_of_Scale_and_the_Law_of_Diminishing_Returns?

Question 12 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Where_does_MC_intersect_AC?

Question 13 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Give_one_example_of_a_market_where_there_may_be_asymmetric_information?

Question 14 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=Give_one_example_of_a_regulation_that_could_be_used_to_reduce_a_given_negative_externality_of_consumption

Question 15 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=If_left_to_the_market,_why_will_merit_goods_be_underprovided_by_the_market?

Question 16 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=What_does_the_triangle_in_an_externality_diagram_show?

Question 17 (of 18)

 



Economics IB: QR Challenge

https://www.classtools.net/QR/decode.php?text=What_is_the_equation_for_cross_elasticity_of_demand?

Question 18 (of 18)