Mr. Robinson
Westfield High School
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UNIT 2 C and D: Production Function, Cost Analysis, and Profit
Part 1: Production Function
Module 54 (Krugman)
This portion of the unit assess the effects on Output (Total Product) given Input level changes.  Later in this unit we will explore the connections between productivity and cost.  This relationship is vital for our understanding of Profit calculation.  But first, we must know how to assess the effects of inputs on outputs.
Robinson Lecture on TP, AP, MP and the Law of Diminishing returns.
15 Minute Instruction
Practice Exercise:
    
    AP, MP calculation & graphing practice: click here
Part 2: Defining Profit: Accounting profit versus Economic Profit
We will study this section in class.  Sorry gang, this time we revert to the traditional method of instruction.
Part 3: Cost Calculations
17 Minute Video
This video I found on Youtube explains the Law of Diminishing  Returns well.  The narration is hard to hear, but the examples they give through the skits are good.  This is OPTIONAL for you to watch.
MANDATORY  Video
15 Minute Instruction
Robinson Lecture on TC, VC, FC, ATC, AFC, AVC, MC.  It gets cut off at the end, however I was just wrapping up.  Just make sure you look at the "NOTICE" questions, rewind the video to the graph, pause, and notice what I pointed out!!!
Practice Exercise:

    Econ Profit, Accounting Profit, AP, MP, and Costs click here
Module 52
Module 55
Part 4: Profit Maximization & Productivity/Cost Relationships
Module 53
Part 5: Long-Run Analysis: Econ Scale, Disecon Scale, etc.
Module 56
3 Minute Instruction
Why the MC Curve is shaped like it is: connecting Productivity to Cost.
Production & Cost Relationship Practice: here
Production & Cost Relationship Practice ANSWERS: here
We will study this section in class.  Sorry gang, this time we revert to the traditional method of instruction.
TEST PREP!!!
Multiple Choice Practice: here
Short Answer Practice: here
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