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Grade 9-12
,
Lesson

Rates of Change

Time: 60 mins,
Updated: March 24 2021,
Author: Liem Tran

Objective

Students will be able to:

  • Define and compute marginal cost.
  • Describe the relationship of marginal cost to the slope of the total cost and variable cost curves when those costs are plotted relative to the quantity of output produced.
  • Describe the effect of increasing variable costs as fixed cost remains constant.
  • Explain the difference between and the uses of marginal cost and average cost.
  • Define and compute average cost relative to the quantity of output.
  • Explain that Marginal Product (MP) and Marginal Cost (MC) are inversely related.
  • Explain that the ratio of the total cost and the quantity of output produced is average cost of production.

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