| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award Steven Reff's Resume |
Unit 3: Production, Costs, and Perfect Competition
• Topic 3.1 The Production Function
• Topic 3.2 Short-Run Production Costs
• Topic 3.3 Long-Run Production Costs
• Topic 3.4 Types of Profit
• Topic 3.5 Profit Maximization
• Topic 3.6 Firms' SR Decisions to Produce and LR Decisions to Enter or Exit
• Topic 3.7 Perfect Competition
• Topic 3.1 The Production Function
• Topic 3.2 Short-Run Production Costs
• Topic 3.3 Long-Run Production Costs
• Topic 3.4 Types of Profit
• Topic 3.5 Profit Maximization
• Topic 3.6 Firms' SR Decisions to Produce and LR Decisions to Enter or Exit
• Topic 3.7 Perfect Competition
| (22% – 25% of the exam) |
| 11 - 13 class periods |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Unit 3 Production, Costs, and Perfect Competition |
| Week 6 |
Below are lessons for Unit 3: Topics 3.1 - 3.3 aligned to the AP® Microeconomics CED.
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.
These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.
Link to the AP® Microeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 3: Production, Costs, and Perfect Competition
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.
These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.
Link to the AP® Microeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 3: Production, Costs, and Perfect Competition
| Principles of Microeconomics |
| Days 1, 2 & 3: Week 6 |
Topic 3.1 The Production Function
| Day 4: Week 6 |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Topic 3.2 Short-Run Production Costs
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| eWorkbook Activities Interactive: |
| eVideos -- Short Videos: |
| eTextbook Reading: |
| (3 min. or less, along with 3 multiple choice questions) |
| eVideos -- Short Videos: |
| eWorkbook Activities Interactive: |
| NEW VIDEO: LRATC |
| REVIEW Topics 3.1 - 3.4: |
| (3 min. or less, along with 3 multiple choice questions) |
| Remember, you still have all of the resources and assessments that The College Board® provides for you and your students. |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The production function explains the relationship between
inputs and outputs both in the short run and the long run.
Marginal product and average product change as input
usage changes, and hence, total product changes.
Diminishing marginal returns occur as the firm employs
more of one input, holding other inputs constant, to produce
a product (output) in the short run.
inputs and outputs both in the short run and the long run.
Marginal product and average product change as input
usage changes, and hence, total product changes.
Diminishing marginal returns occur as the firm employs
more of one input, holding other inputs constant, to produce
a product (output) in the short run.
| eWorkbook Activities Interactive: |
Fixed costs and variable costs determine the total cost.
Marginal cost, average (fixed, variable, and total) cost,
total cost, and total variable cost change as total output
changes, but total fixed cost remains constant at all output
levels, including zero output.
Production functions with diminishing marginal returns
yield an upward-sloping marginal cost curve.
Specialization and the division of labor reduce marginal
costs for firms.
Cost curves can shift in response to changes in input
costs and productivity.
Marginal cost, average (fixed, variable, and total) cost,
total cost, and total variable cost change as total output
changes, but total fixed cost remains constant at all output
levels, including zero output.
Production functions with diminishing marginal returns
yield an upward-sloping marginal cost curve.
Specialization and the division of labor reduce marginal
costs for firms.
Cost curves can shift in response to changes in input
costs and productivity.
| NEW Starter or Review Video: |
Topic 3.3 Long-Run Production Costs
Topic 3.3 Types of Profit
Topic 3.4 Profit Maximization
| eWorkbook Activities Interactive: |
| Day 5: Week 6 |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -