Economics – 10/24/18
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
- Determine the meaning of words and phrases as they are used in relation to a production function..
- Create and interpret economic models based upon production data in order to form decisions.
III. Economic Simulation: Production Function
- Schedule on separate sheet
IV. Classwork
A. Turn in Schedule & Production Function Graph with labels
B. Pg 130 2-5 – Attach with Part A
Production-Function-Practice 2-
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