Economics – 5/19/2016

I.  Bellwork – Explain what occurs to total product and marginal product at each stage. – Copy the table

	TOTAL PRODUCT	MARGINAL PRODUCT
STAGE 1
STAGE 2
STAGE 3

II.  Objective:

• Examine how changes in labor affect output. – Theory of Production
• Construct a production function and identify the stages of production
• Through the use of simulations and production functions, evaluate various explanations for actions or events and determine which explanation best accords with textual evidence.

III.  Section 5.1 Quiz closes Friday Afternoon

IV.  5th Hour Notebooks

V.  Discussion: Pages 127-130 Theory of Production

• Figure 5.5 Graphs in Motion EPP_p128
• Production Function tennis ball activity

VI.  Notebook Work

• . Production-Function-Practice-First one in notebook

VII.  Classwork: 

A.  Complete and turn in the 2nd Production Schedule and Production Function

B.  Exit Questions – On same paper. (4 points)

• Summarize what you have learned about the production function. (3-5 sentences)
• Identify and explain anything that you are uncertain or confused about.

Economics W2016