AP Economics – 10/14/19
I. Bellwork p. 546
Explain the difference between the long run and the short run in economics. Provide examples.
II. Objectives:
- Discuss the importance of the firm’s production function, the relationship between quantity of inputs and quantity of output
- Explain why production is often subject to diminishing returns to inputs
- Use data to construct production functions to determine optimal levels of production
III. Turn in All Homework & Test Corrections
IV. Discussion: Production Function Pgs 545-549
- Inputs – Fixed & Variable
- Long Run & Short Run
- Marginal Product = MPL = ChgQ/ChgL
- Law of Diminishing Marginal Returns
V. Classwork/ Homework
- Pg 550 #1 & MC 1-5
- 3.1 Production Function on iLearn
Leave a Reply