Are you looking for that perfect lesson that engages your students and helps them understand marginal utility and utility maximization? This bundle has EVERYTHING you need and includes TWO ACTIVITIES!
This "Marginal Utility" 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!
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2) A "Demand and Marginal Utility" Activity. 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.
3) A "Utility Maximization" Activity. It begins with a detailed flowchart and synopsis of the process by which consumers choose the utility maximizing combination of goods when faced with an income constraint. Using examples provided, students will be taken through the steps to calculating the marginal utility per dollar for every unit of a good and then evaluate how to spend a limited income to maximize utility. Next, students will have the opportunity to put principles in practice and make the utility maximizing decisions themselves. Using 6 separate examples, students will analyze the marginal utility for each unit of two separate goods and use the price of the products and their marginal utility to calculate the marginal utility per dollar per unit. Then, students will decide, one by one, how many units of each good should be purchased until all disposable income is spent and utility has been maximized. Students will have to critically think to answer questions as to how consumer decision-making and purchases will change if product prices and income level change.
These activities can be used in many different ways in the classroom. Students can work independently, in pairs or these activities can be used as a jigsaw in order to facilitate a class wide discussion about the topics discussed in the activity.
4) A detailed answer key to the lesson activities to save you time and help guide student comprehension.
If you like these activities, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Theory of Consumer Choice Unit Activity Bundle
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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