AP Economics – 10/23/19

I.  Bellwork

  • Page 538 Free Response #2 a-d (show your work)

II.  Objectives

  • Perform Marginal Analysis
  • Determine the profit maximizing level of output using the optimal output rule
  • Analyze, interpret and construct economic models to solve problems and make decisions

III.  Discussion:  Profit Maximization pgs. 539-542

  • Total Revenue = P x Q
  • Profit = TR – TC
  • Marginal Revenue = Chg in Total Revenue/Chg Quantity
  • Marginal Cost= Chg in Total Cost /Chg Quantity
  • Profit Maximizing Quantity of Output  occurs when MC = MR

Maximizing Profit Practice- Micro Topic 3.5

Maximizing Profit Under Competition

2006 FR #2 on iLearn

IV.  Classwork

Micro Unit 3, Question 9 – Maximizing Profit

53.1 WorksheetFile on iLearn

  • Page 543 Check Your Understanding 1-2
  • Page 544 Free Response #2


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