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# Revenue and Profit - Lesson Plan and Activities

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5 MB|43 slides, 12 student pages, 10 teacher pages
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Product Description
This is a complete lesson plan about calculating revenue, maximizing profit, and determining when a business may shut down in the short run or the long run. It emphasizes the use of the optimal output rule (MC = MR), and it illustrates the relationship between price and average cost curves in perfectly competitive markets. (It pairs nicely with my lesson plan on Business Costs, and it is also part of a larger unit on Market Structure.)

1) Warm Up Activity -- simulation that illustrates why producers sell where MC = MR.
2) PowerPoint Presentation -- contains the lecture and is a guide for all activities.
3) Note Sheet -- students fill out this note sheet during the lecture.
4) Class Activity -- students calculate costs, revenue, and profit.
5) Homework -- students determine whether a firm should shut down production or not.
6) Teacher Materials -- includes a detailed lesson plan, answer keys, and a "Read Me" document explaining how to use the materials included.

TOPICS FOR THE LECTURE:
1) Total Revenue, Average Revenue, Marginal Revenue, and Profit
2) Optimal output rule, which states production should occur where MC = MR
3) Graphing a firm that is making a profit
4) Graphing a firm that is incurring a loss
5) Why a firm may shut down production in the short run
6) Why a firm may shut down production in the long run

(If you would like to download one of my PowerPoint slideshows to get a feel for my style, check out my free download here.)

This lesson is the third day of a seven-day unit on Market Structure that was designed using national standards from the Council for Economic Education. It should take 80 - 90 minutes, which is perfect for the block schedule, but it can also be easily split in half for classes that run closer to 50 minutes.

Enjoy!

Total Pages
43 slides, 12 student pages, 10 teacher pages
Included
Teaching Duration
90 minutes
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