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Introduce your students to the concepts of marginal product and diminishing marginal returns with this fantastic bundle!
This "Marginal Product and Diminishing Returns" bundle includes:
1) A customizable lecture that you can adjust to meet your needs and the needs of your students. This bundle includes a version of this lecture in Keynote (Mac), Powerpoint (PC), and PDF format for users of every operating system.
*****Depending on the version of the presentation software that you use to present in your classroom, fonts and sizes in our lecture presentations may need adjustment. To make it easier for you to create a lecture that engages your students and looks like the PDF file included in this bundle, we offer downloadable font bundles in our store for FREE!
At absolutely no cost to you, you can get your hands on the fonts that we use in our lectures so that you can customize your presentations. Download the Free Font Bundle, install the fonts onto your computer, and customize your lecture in the way that works of you. Adjust sizes, fonts, images, and content to meet your needs and the needs of your students!*******
2) A "Marginal Product and Diminishing Returns" Activity. It begins by providing your students with 4 different sections where they can practice the principles taught in your classroom! First, your students will be provided with a colorful flowchart of the theory of the firm that asks them to define inputs and output. They will then be required to explain how inputs lead to costs and output generates revenue. Your students will then be asked to define terms related to output, including total product, average product, and marginal product. Then, students will be provided with a table with information about the production of output by a firm. From here, students will be challenged to calculate the average product and marginal product of the firm at each level of production, and then graph the average product and marginal product curves on a grid provided. Then, students are asked to use their knowledge to define the law of diminishing marginal returns, as well as the three stages of returns that the average firm can experience during the production process. On a table provided, your class will be asked to calculate the average product and marginal product of a firm and, using the marginal product they calculated, indicate whether the firm is experiencing increasing, decreasing, or negative returns. Lastly, students will use a set of total product, average product, and marginal product curves provided to answer questions about the production process and the three stages of marginal returns.
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.
3) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
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 3.1 - Marginal Product and Diminishing Returns" video lecture, which can be found here:
For more of our video lectures, check out our "You/Will/Love Economics" YouTube channel and subscribe for upcoming videos:
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