AP Economics – 10/26/18
I. Bellwork Page 581
- Check Your Understanding a-d
- Tackle the Test 1-5
II. Objectives:
- Explain the difference between explicit and implicit costs and there importance in decision making
- Describe the different types of profit: accounting , economic, and normal
- Calculate profit
III. Discussion Defining Profit p 533-536
- Formula for Profit
- Differentiate between Explicit & Implicit Costs
- Accounting Profit v. Economic Profit
- Normal Profit
IV. Classwork Page 537
- Check Your Understanding
- Tackle the Test
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