Economics – 10/23/14

I.  Bellwork – Explain what occurs to total product and marginal product at each stage. – Copy the table

	TOTAL PRODUCT	MARGINAL PRODUCT
STAGE 1
STAGE 2
STAGE 3

II.  Objective:

• Examine how changes in labor affect output. – Theory of Production
• Construct a production function and identify the stages of production
• Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence.

III.   Discussion: Pages 127-130 Theory of Production

• Figure 5.5 Graphs in Motion EPP_p128
• Production Function tennis ball activity

IV.  Notebook Work

• . Production-Function-Practice-First one in notebook

V.  Classwork: 

A.  Complete and turn in the 2nd Production Schedule and Production Function

B.  Exit Questions – On same paper. (4 points)

• Summarize what you have learned about the production function. (3-5 sentences)
• Identify and explain anything that you are uncertain or confused about.

Economics F2014