Student knowledge and understanding of revenue, cost, and profit in the production of goods are assessed, and includes: three multiple choice questions, matching with a graph, one set of true or false statements, and one extended response question.
Before the Activity
See the attached Activity PDF file for detailed instructions for this activity.
Print the appropriate pages from the Activity for your class.
Install the CellSheet(tm) App on the students' graphing calculators following the attached instructions.
Have enough copies of the assessment so that each student has a copy. Begin class by letting the students review the lesson's vocabulary and their notes. Conduct a quick review of the following terminology and formulas with your students: Total Revenue, Marginal Revenue, Elasticity of Demand, Economies of Scale, Law of Diminishing Returns, Fixed Costs, Variable Costs, Average or Unit Cost, Marginal Cost, Profit.
During the Activity
Distribute the appropriate pages from the Activity to your class
Follow the procedures outlined in the Activity
Explore the revenues and costs in the production of goods.
Analyze graphs and data related to revenue, cost and profit.
After the Activity
Discuss the assessment and answers. The Answer Key is included after the assessment pages in this activity.