Economics – 3/25/15
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.
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