Objectives:
With this module students will learn about:
College Board Microeconomics Content Area
D. Firm behavior and market structure
1. Profit
c. Profit maximization: MR=MC rule
2. Perfect competition
a. Profit maximization
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.
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
b. Explain the role of profit as an incentive for entrepreneurs.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
Web based activities for this module:
2. Review Additional Resources:
Non-Web based activities for this module:
With this module students will learn about:
- Students will review why the MC curve and MP curves behave the way the do.
- Students will learn about MR=D=AR=P in perfect competition, and why the line is perfectly Elastic
- Students will learn how the MR=MC rule works in perfect competition
College Board Microeconomics Content Area
D. Firm behavior and market structure
1. Profit
c. Profit maximization: MR=MC rule
2. Perfect competition
a. Profit maximization
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.
SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy.
b. Explain the role of profit as an incentive for entrepreneurs.
c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.
Web based activities for this module:
- Watch the following videos
2. Review Additional Resources:
Non-Web based activities for this module:
- Workbook Assignments - Listed w/ due dates on Edmodo
- Textbook Chapter 21