Marginal Analysis, Roller Coasters, Elasticity, and Van Gogh: Crash Course Economics Video Analysis with Key- This is a 10 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 29 questions based on The Crash Course Economics video: Marginal Analysis, Roller Coasters, Elasticity, and Van Gogh.
This assignment will ask students to go to YouTube and watch the Crash Course video: Marginal Analysis, Roller Coasters, Elasticity, and Van Gogh. The video will first introduce the topic of microeconomics and help students understand the questions that it answers. Marginal analysis is then introduced and explained using the example of an amusement park. Using marginal analysis, students will learn how things lose their utility (satisfaction) over time and why a roller coaster (or a consumer product) has a diminishing return. Students will then learn the purpose behind "buy 2, get the 3rd half off" sales and how it relates to marginal analysis and utility. The video then moves on to elasticity. Students will see why the demand for gas, electricity, and coffee is relatively inelastic- there are no substitutes. Products with elastic demand (pizza) are also explained. Elasticity is also used to explain supply and why you are willing to pay a lot and yet still wait a long time for an airplane to be built as opposed to a t-shirt to be made. To finish the video, the example of a Van Gogh painting is used to showcase a perfect inelastic supply- there will never be more of his paintings.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.