This lessons aims to help students fully understand how a firms maximum profits are calculated. The lesson looks at MR = MC and uses various graphs and table questions to help teach a tricky but essential topic. The lesson looks at each of the following key terms with straightforward explanations, examples and questions :
* Profit maximization
* Marginal revenue
* Marginal costs
* Theory of the firm
* Law of diminishing returns
I have also included two key diagram sheets; one covers profit maximisation in perfectly competitive markets and the other covers the long-run equilibrium in perfectly Competitive markets. The lesson concludes with an exam style question and mark scheme. I have included a teacher and a student copy of the PPT. This lesson is perfect for A-Level Economics.
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£3.00