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Define marginal, total, variable, and fixed costs.
Describe the relationship between marginal cost and the slope of total cost (and/or variable cost) curve.
Define marginal revenue.
Describe the relationship between marginal revenue and total revenue.
Define average fixed, variable, and total costs.
Compare average total (or variable) cost with marginal cost.
Use calculus to derive the production quantity at which marginal cost equals marginal revenue.
Recognize that profit maximization (or loss minimization) occurs when marginal cost equals marginal revenue (unless the firm should close immediately).
Use the definition of limit to connect marginal analysis with derivative functions.
Determine the amount of profit (or loss) a firm would earn at the point at which marginal cost equals marginal revenue.
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In this personal finance lesson, students will make a connection between derivatives and marginalism.
Resources
Procedure
Click NEARPOD VERSION: DERIVING MARGINALISM to access an interactive version of the lesson powered by Nearpod: students interact and respond to questions on their device, and teachers will see their responses in real time!
Subjects:
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