Economics

Unit 1 | Topic 3.5 | Costs of Production

How can a producer maximize profits?

Objectives

• Explain how firms decide how much labor to hire in order to produce a certain level of output.

• Analyze the production costs of a firm.

• Explain how a firm chooses to set output.

• Identify the factors that a firm must consider before shutting down a profitable business.

Procedure

1. Review the Aim and notes from your initial text read.

2. Participate in the corresponding lesson topic presentation, revising notes.

3. Watch corresponding video(s); further revising notes.

4. Complete teacher instructed assignments.

Extension

• Prepare for your next class session by reading the next topic section in your text, recording alphanumeric/Cornell notes.

• Complete the next topic's Interactive Reading Notepad.