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Grade 9-12
,
Lesson
Rates of Change
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.