Economics – 10/26/18

I.  Objectives: Q&A

A. Provide an example of 3 fixed costs a business may have.

B. Provide an example of 3 variable costs a business may have.

II Objectives

  • Construct and analyze the production function and other decision making models which are used to make business decisions.
  • Determine the meaning and functions of words and phrases used to make economic decisions
  • Create a hypothetical business and differentiate between variable and fixed costs incurred in the operation of the business.

II. Discussion

  • Break -Even Point
  • Profit Maximization

III.  Classwork

IV.  Homework:  Variable and Fixed Cost Business  

 


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