Bellringer in your notesReview: Utility, Marginal

1. Draw a small chart in your notes showing your level of alertness throughout your school day on

a Wednesday. 0 being not alert and 10 being “top of your game”

1st 0-10

2nd 0-10

3rd 0-10

4th 0-10

5th 0-10

6th 0-10

Chapter 13 Costs

With your partner1. How much information will you miss if you

miss 1 day of a regular school day? 2. What if you miss 2 days?3. What if you miss 8 days?

“the margin”

• Additional• Ex: production, consumption, effort

Two volunteers• Two Volunteers• Marginal utility

Two volunteers

• Two Volunteers• Law of diminishing

marginal returns • Eventually marginal

benefits will decrease

Show theoretical graph

Movie Clips

• How do we see Diminishing Marginal Returns in each clip

• NY Coney Island hot dog eating contest• Squidward

Eventually…

Application to students?

Application to business?

Application to government?

Application to partiers

Closure:Law of Diminishing Marginal Returns

• Benefit of extra input decreases from the last

• Songs• Movies• Video games• Alcohol• Being in school• Studying