Lesson 2: MRP, MRC, and Firm Hiring Decisions
Duration of Days: 4
Lesson Objective
Students will calculate marginal revenue product and marginal resource cost and apply the MRP = MRC rule to determine hiring decisions.
How much value does one more worker add? When should a firm hire one more resource?
D2.Eco.2.9-12
D2.Eco.3.9-12
D2.Eco.8.9-12
CCSS.ELA-LITERACY.RH.11-12.7
Students use tables, calculations, and scenarios to analyze how firms decide the quantity of resources to employ. DOK Level 3
Formula sheets, worked examples, calculator support, chunked tables, paired problem-solving
Calculation practice and application questions