Revenues
0 Comments
Production in the long run: returns to scale
Use p 85-88 to do the following tasks:
Costs of production: economic costs
Costs of production in the short run
Paper Chain Factory (adapted from Jason Welker) Introduction: Your classroom is about to turn into a factory that manufactures paper chains (to hold paper anchors for paper boats, of course!). A paper chain is made by taking two long, narrow strips of paper, folding one into a ring and stapling the ends together, then folding the other into a ring and connecting it to the first ring to make a chain. Two loops of paper stapled together make a chain. The longer your chain, the more productive your factory and its workers are. The goal of your paper chain factory, of course, is to make the longest chain possible in a fixed amount of time using a fixed amount of land and capital, with labour as your only variable resource. Resource:
The time for each round of production is limited to one minute. Next: Debrief, discuss results, draw some graphs.... then you will be given a packet with further resources to complete. |