AP Economics – 10/24/18
I. Bellwork
- Page 571 Tackle the Test 1-5 (write out answers)
II. Objectives
- Explain how firms determine the optimal input mix
- Apply the cost Minimization rule for employing inputs
- Analyze and interpret economic models
III. Discussion: The Cost Minimizing Input Combination Pages 715-717
A. Labor & Capital as Substitutes and Complements
B. Notebook: Explain the Cost Minimization Rule and write the formula
C. Solving for CM
IV. Classwork
- Worksheet 72.1 Cost Minimization
- Page 718 Check your Understand #1
- Page 719 Free Response #2
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