AP Economics – 11/01/19
I. Bellwork
- Page 602 #2 a-e
II. Objectives
Interpret short run graphs, analyzing MC, MR, ATC, and AVC to:
- Determine a perfectly competitive firm’s profit or loss
- Explain how a firm decides whether to produce or shut-down in the short-run
Distinguish between the short-run and long-run supply curve
III. Discussion
- Short run Supply curve – number of firms in the industry (market) is fixed
- PPT Review
- Worksheet 60.1: Profit-Maximization and Loss-Minimization Practice
IV. Module 58 & 59 Quiz
V. Classwork/Homework
- On iLearn 60.2 Perfect Competition in the Long Run
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