Economics – 10/28/19

I.  Bellwork:  Figure 5.6 Page 134  Questions & Answers

  1. At what number of products is the break-even point in on the table achieved? Estimate a range.
  2. At what number of workers is the profit-maximizing level of output achieved on the table and explain why this choice is correct.
  3. Explain the advantages e-commerce stores have over traditional stores? (Page 135)

II Objectives

  • Construct and analyze the production function and other decision making models which are used to make business decisions.
  • Determine the meaning and functions of words and phrases used to make economic decisions
  • Create a hypothetical business and differentiate between variable and fixed costs incurred in the operation of the business.

III.  Classwork

IV.  Chapter 5 test on Wednesday

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