Economics – 5/23/17
I. Bellwork
A Copy the table and complete the Marginal Product & Stage of Production Columns (No graph – just the table)
|
Number of Workers |
Total Product |
Marginal Product |
Stage of Production |
| 0 | 0 | ||
| 1 | 4 | ||
| 2 | 12 | ||
| 3 | 22 | ||
| 4 | 34 | ||
| 5 | 38 | ||
| 6 | 40 | ||
| 7 | 36 | ||
| 8 | 30 | ||
II. Objective
- Complete a production schedule and graph a production function determining marginal product and identifying the various stages of production
- Calculate production schedules and examine how businesses analyze their costs and revenues to maximize profits.
- Interpret and analyze financial information using marginal analysis in order to address production questions/ problems.
III. Notebook work and discussion:
- Video: Variable Costs
- Construct a Brace Map – Costs – –– Fixed and Variable – with examples
IV. Classwork
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