AP Economics – 10/22/19
I. Bellwork Page 570-571
- Tackle the Test 1-5 & FRQ #2
II. Objectives:
- Explain the difference between explicit and implicit costs and there importance in decision making
- Describe the different types of profit: accounting , economic, and normal
- Calculate profit
III. Discussion Defining Profit p 533-536
Micro 3.7 Economic Profit and Costs
- Formula for Profit
- Differentiate between Explicit & Implicit Costs
- Accounting Profit v. Economic Profit v. Normal Profit – Brace Map
IV. Classwork
- Worksheet 52.1 & 52.2 on iLearn
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