I. Bellwork: Look at Figure 5.4 on Page 124.
A. Describe how the appearance of the 3 supply curves differ.
B. Explain how their appearance relates to elasticity.
- Identify how changes in labor result in changes in output. – Theory of Production
- Construct a production function and analyze and explain the information it provides
- Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence
III. Formative Homework: 5.1 iLearn Supply Ends Sunday @ 11:30 pm
IV. Notebook work – Page 128
- Production Schedule & Function
- Process Map – Stages of the Production Function
- Page 562 Tackle the Test 1-5 write Answers
- Explain why a firm’s cost may differ between the short run and long run
- Describe how a firm can enjoy economies of scale
- Interpret and explain graphic models representing costs in the long run
III. Discussion Module 56 Long Run Costs & economies of Scale Pgs . 564-569
- 3.3 Economics of Scale Practice
Arrange the following Expenses in order and assign the correct account numbers to each:
Repairs Expense, Miscellaneous Expense, Supplies Expense, Advertising Expense, Insurance Expense
- Post amounts from a General Journal to ledger accounts
- Demonstrate how to prove cash
- Orally explain how to post from a general journal to a ledger
- Log into budget Challenge and schedule a payemnt
- Page 108 4-2 Working Together & On Your Own