Objectives:
With this module students will learn about:
College Board Microeconomics Content Area
C. Production and costs
1. Production functions: short and long run
3. Short-run costs
4. Long-run costs and economies of scale
Georgia Performance Standards:
SSEF6 The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.
a. Define productivity as the relationship of inputs to outputs.
b. Give illustrations of investment in equipment and technology and explain their relationship to economic growth.
Web based activities for this Module
2. Review Additional Resources:
3. Costs Quiz - posted on Edmodo
4. (Optional) Additional Videos that may help:
Non-Web Based Activities:
With this module students will learn about:
- The difference between fixed costs and variable costs.
- How costs change between the short run and long run.
- Sunk Costs
- How to graph the cost curves
College Board Microeconomics Content Area
C. Production and costs
1. Production functions: short and long run
3. Short-run costs
4. Long-run costs and economies of scale
Georgia Performance Standards:
SSEF6 The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.
a. Define productivity as the relationship of inputs to outputs.
b. Give illustrations of investment in equipment and technology and explain their relationship to economic growth.
Web based activities for this Module
- Watch the following videos
- ACDC Cost Curves
- ACDC - MC, ATC, AVC, AFC Cost Curves
- ACDC - Why the cost curves look the way they do.
2. Review Additional Resources:
3. Costs Quiz - posted on Edmodo
4. (Optional) Additional Videos that may help:
- Kahn Academy Fixed, Variable, and Marginal Costs
- Kahn Academy - Visualizing average costs and marginal costs as slope
Non-Web Based Activities:
- Costs Worksheet - Digital copy on Edmodo
- Workbook Assignments - Listed w/ due dates on Edmodo
- Textbook Chapter 20