Marginal Product and Marginal Cost

A series of economic activities should keep your class busy for a while. Six different worksheets review the concepts of price elasticity, demand, and U.S. economics. Multiple real-world applications and scenarios house each of the ten...

What is the concept of a cost curve, and how are they used? Watch as this instructor demonstrates and explains marginal cost curve, average total cost, average variable cost, and average fixed cost.

Who knew that so many of the hilarious moments from Monty Python and the Holy Grail would be perfect for illustrating one of the most important concepts in economics: marginal analysis. In the second video of this fantastic series, your...

Before delving into the concept of cost curves in your class, discuss the relationship between inputs and outputs and the law of diminishing marginal returns. Here, an instructor uses data and graphs representing friends mowing lawns as...

What happens when the resources used as part of a production possibilities curve are not easily adaptable to produce both goods? Watch as an economics instructor uses an example of an economy producing pizzas and robots in order to...

Economists and accountants work with money every day, but their perspectives about that money can be very different. An informative video from Crash Course Economics explores basic elements of microeconomics, including economies of...

Businesses really do care about your happiness and satisfaction—as long it's higher than their marginal cost. Discover how relative scarcity, marginal utility, and the subjective tastes of consumers determine the price a business places...

How can performing cannonballs into a swimming pool help us to understand the concept of marginal analysis and efficiency? Check out this video, using clips from the movie Anchorman and informative instruction, to learn more about...

Why does quantity demanded decrease as prices increase? Watch this video to compare the downward sloping curve of the law of demand with the upward sloping curve of supply, as well as to review such concepts as the substitution effect,...

In this economics instructional activity, students use their problem solving skills to respond to 16 questions about marginal costs and levels of production.