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

V.  Classwork/ Homework

  • Pg 550 #1 & MC 1-5
  • 3.1 Production Function on iLearn

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