Are you looking for the perfect activity that will engage your students and give them an opportunity to work with the principles behind the law of demand and diminishing marginal utility? Look no further. This is the one you've been looking for!
This activity includes:
1) This "Demand and Marginal Utility" Activity includes 3 parts. It begins with a vividly colorful graphic organizer that asks your students to define marginal utility and the law of diminishing marginal utility. Students will then work with a table provided to calculate the marginal utility per unit of a good consumed and explain how their findings support the correlation between diminishing utility and the law of demand. Next, students will use a series of tables provided to calculate the marginal utility and marginal cost per unit of a good consumed. Using marginal analysis, students will predict consumption patterns and determine the quantity of the good that should be consumed. Finally, using 2 separate examples provided, students will be asked to critically think to calculate the marginal utility per dollar per unit of a good. Using marginal analysis, students will predict consumption patterns and determine the quantity of the good that should be consumed.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs or this activity can be used as a jigsaw in order to facilitate a class wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
This activity can also be found in a bundle paired with a PowerPoint, Keynote and PDF version of a fully customizable lecture found here:
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Best of all, this activity aligns to our "Unit 2.1 - Demand and Marginal Utility" video lecture, which can be found here:
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