Description
Are you looking for an engaging lesson that gives your students an opportunity to evaluate how consumers make purchases with an income constraint? Do you need an activity that provides your students an opportunity to put principles into practice by calculating the marginal utility per dollar of two goods and determining the utility maximizing combination of goods to buy? This is the activity you've been looking for!
This "Utility Maximization" Distance Learning Activity includes:
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.
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.
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!
Answer Key is included!
This lesson is included in our Marginal Utility Distance Learning Packwhich includes everything you need to "plug and play" this lesson.
➙ Digital Lesson
➙ Hard Copy Lesson
➙ Access to our FREE video lecture on YouTube
➙ PowerPoint Presentation
➙ Keynote Presentation
You Will Love Economics on YouTube:
Our YouTube Channel was created out of a necessity to TEACH our class. Every lesson is geared towards education, and was not created with a for profit mindset. Every objective that we have is designed to get students LEARNING. This totally FREE and extensive video library on YouTube is something you cant find anywhere else. Check out the video for this objective below.
Micro: Unit 2.2 -- Utility Maximization
Follow You Will Love History: @youwilllovehistory
➙ YouTube
Click here to follow our TpT store
See what we are doing and get tips from us on our website.
Where distance learning is just a click away!
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Description
Are you looking for an engaging lesson that gives your students an opportunity to evaluate how consumers make purchases with an income constraint? Do you need an activity that provides your students an opportunity to put principles into practice by calculating the marginal utility per dollar of two goods and determining the utility maximizing combination of goods to buy? This is the activity you've been looking for!
This "Utility Maximization" Distance Learning Activity includes:
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.
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.
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!
Answer Key is included!
This lesson is included in our Marginal Utility Distance Learning Packwhich includes everything you need to "plug and play" this lesson.
➙ Digital Lesson
➙ Hard Copy Lesson
➙ Access to our FREE video lecture on YouTube
➙ PowerPoint Presentation
➙ Keynote Presentation
You Will Love Economics on YouTube:
Our YouTube Channel was created out of a necessity to TEACH our class. Every lesson is geared towards education, and was not created with a for profit mindset. Every objective that we have is designed to get students LEARNING. This totally FREE and extensive video library on YouTube is something you cant find anywhere else. Check out the video for this objective below.
Micro: Unit 2.2 -- Utility Maximization
Follow You Will Love History: @youwilllovehistory
➙ YouTube
Click here to follow our TpT store
See what we are doing and get tips from us on our website.
Where distance learning is just a click away!
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