Economics – 10/23/19
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:
- Construct a production function and identify the stages of production
- Create and interpret economic models based upon production data in order to form decisions.
- Using production function data from the classroom activity explain how and why marginal product changes when additional units of labor are added
III. Production Function Demonstration Activity
IV. Classwork:
- Page 130 Q&A 2-5
V. Production function quiz
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