Economics – 10/25/11
I. Bellwork: Q&A
1. Provide 2 examples of fixed costs
2. Provide 2 examples of variable costs
3. Explain the difference between total costs and marginal costs.
II. Objective: Examine how businesses analyze their costs and revenues to maximize profits.
III. Discussion: Cost/Revenue/Profit Maximization Pages 132-137
Production-Schedules-5-2 & 5-3
IV. Classwork
A. For each industry/business featured in the video (3), explain what threatened their profits , how they responded to the challenge, and what was the outcome.
V. Video – Economics USA Profits & Interest
VI. Chapter 5 Test Friday – Chapter-5-Review1
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