This assignment will allow students to practice concepts related to solving problems on the perfectly competitive resource market. There are four main problem sets that will prepare students to answer multiple choice questions and FRQs on the AP Microeconomics exam. Main concepts include: Marginal Revenue Product (MRP), Marginal Resource Cost (MRC), Marginal Physical Product (MPP), The Hiring Rule (MRP = MRC), Marginal Product of Labor (MPL), Perfectly Competitive Resource Market and Firm Graphs, The Law of Diminishing Marginal Returns, and more.
- 5 Page Problem Set
- 5 Page Answer Key