Economics – 10/26/18
I. Objectives: Q&A
A. Provide an example of 3 fixed costs a business may have.
B. Provide an example of 3 variable costs a business may have.
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.
II. Discussion
- Break -Even Point
- Profit Maximization
III. Classwork
IV. Homework: Variable and Fixed Cost Business
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