Hey Folks! Last week we did Demand this week we will do supply. We will talk about the supply curve, the three stages of production, and look at how we measure cost, revenue, and profits.  

Classes: Monday/Wednesday, 10:15 – 10:45 AM

Zoom ID: 723 9635 0716

*as always, please see Teams for the password.

Weekly Objectives

Topic 5.1 What is Supply?: Understand the difference between the supply schedule and the supply curve. Explain how market supply curves are derived. Specify the reasons for a change in supply.

Topic 5.2 The Theory of Production: Explain the theory of production. Describe the three stages of production.

Topic 5.3 Cost, Revenue, and Profit Maximization: Define four key measures of cost. Identify two key measures of revenue. Apply incremental analysis to business decisions.

New Assignments Due 9/28

1. Topic 5.1 What is Supply?
2. Topic 5.2 The Theory of Production
3. Topic 5.3 Cost, Revenue, and Profit Maximization

Late Assignments (not acceptable after 9/28 at 8:00 AM)

1. Topic 4.1 What Is Demand?
2. Topic 4.2 Factors Affecting Demand Objectives
3. Topic 4.3 Elasticity of Demand