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AP Microeconomics - The Production Function

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Write the formula for marginal product.

[change in total product]/[change in inputs]

What is a fixed resource?

A resource that doesn’t change with the quantity produced

What is a variable resource?

A resource that does change with the quantity produced

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Institution Junior / 11th grade
Course Microeconomics

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3.1: The Production Function

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AP Microeconomics notes from Unit 3, Section 1: These notes cover the production function, inputs, outputs, product, variables, and other key concepts to understanding the production of goods and how it impacts the economy.

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