Profit, Profit Maximazation and The Production Function

In class we went over Module 52, 53 and 54.  Students learned about the difference between accounting profit and economic profits (implicit costs).  Students also learned how  a firm maximizes profit (when marginal revenue = marginal costs).  Lastly, students were introduced to the production function and learned about fixed vs. variable input costs.

The homework is listed below and the notes are attached.

Notes - Profit, Profit Maximization and The Production Function

HW - Read Module 55 and 56