Class continued to work through the readings posted on the previous entry (one on OPEC was added).
Students were assigned the chapter on Production Possibilities Frontier pages 41-46 in the Economics text book for next class.
The class considered what choices that a producer might make based on costs of production and marginal profit. The class considered how these choices might be affected by Quantity Demanded and desire for market share.
The class added the word "cartel" to the current vocabulary list.
Students were assigned the chapter on Production Possibilities Frontier pages 41-46 in the Economics text book for next class.
The class considered what choices that a producer might make based on costs of production and marginal profit. The class considered how these choices might be affected by Quantity Demanded and desire for market share.
The class added the word "cartel" to the current vocabulary list.
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