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Econ 1-18B Holy Grail (marginal analysis)

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Econ 1-18B Holy Grail (marginal analysis)

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E.2.5 Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers. (E)
E.2.1 Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E)
E.2.2 Provide examples of how consumers ultimately determine what is produced in a market economy.
E.2.3 Provide examples of how supply and demand determine equilibrium price and quantity.
E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E)
E.2.6 Analyze the earnings of workers in different industries using factors such as product value, worker productivity, and market structure. (E)

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Lance Hiles
Lance Hiles
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Econ 1-18B Holy Grail (marginal analysis)
 

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Econ 1-18B Holy Grail (marginal analysis)Online version

E.2.5 Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers. (E) E.2.1 Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E) E.2.2 Provide examples of how consumers ultimately determine what is produced in a market economy. E.2.3 Provide examples of how supply and demand determine equilibrium price and quantity. E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E) E.2.6 Analyze the earnings of workers in different industries using factors such as product value, worker productivity, and market structure. (E)

by Lance Hiles
1

King Arthur & his knights used marginal analysis to decide if they should ride to ____ . The benefit is joining more knights of the round table,but the cost is that these knights sing & dance.

2

Marginal analysis don't ask should I always go, or never go. It asks should I go one additional time. Marginal analysis makes decisions in ____ . Make a decision, look at costs & benefits, then repeat...

3

Economists argue that people in the medieval ages used marginal analysis to help peasants, merchants, & kings make the ____ ____ , weighing one additional benefit against one additional cost.

  
  
4

When King Arthur makes a decision to visit Camelot, he is thinking on the margin. He is considering the additional ____ versus the additional ____ of the visit.

  
  
5

Marginal analysis allows us to reevaluate our situation, so we can react to changes in benefits and costs. We ask "is this worth ____ ____ ?" e.g. hiring another worker, lowering prices, or attacking a deadly rabbit!

  
  
6

The producers of Holy Grail used marginal analysis when making the movie. The additional cost of using ____ ____ outweighed the additional benefit of making a realistic movie, so they decided not to use [same]. They used coconuts instead.

  
  
7

King Arthur & his knights used marginal analysis when deciding to visit Camelot, They decided the additional cost (song, dance) outweighed the additional benefit (round table), because Camelot was a ____ ____ .

  
  
8

“Stand aside." “It's a scratch.” “Your arm's off.” “It's just a flesh wound.” This is the ____ ____ using poor economic analysis, ignoring the costs of fighting King Arthur, as they clearly outweigh the benefits of protecting the bridge.

  
  
9

Producers of Holy Grail used marginal analysis. Additional cost of using horses outweighed additional benefit of realistic movie, so they made a joke out of it: “We have ridden the land in search of knights." "Ridden on a horse? You're using ____ . ”

10

If King Arthur & his knights make choices by weighing the costs & benefits of those choices, they are using ____ ____ .

  
  
11

King Arthur uses marginal analysis when making decisions, but the Black Knight uses poor economic analysis. He continues to defend the bridge, instead of analyzing if it's worth the additional cost of losing an ____ ____ .

  
  
12

King Arthur doesn't use marginal analysis to decide if he should always go, or he should never go. Marginal analysis asks the question: Should he go one ____ time. Marginal Analysis makes decisions in increments.

13

High school students should apply marginal analysis & ask themselves if the additional benefit of learning ____ ____ is worth the additional cost. I think you'll find that learning econ is a good idea.

  
  
14

King Arthur & his knights used marginal analysis when making decisions, but other people in the movie, especially the Black Knight, used poor ____ ____ .

  
  
15

The swamp king is a good example of marginal analysis working in increments, or working with one additional benefit or cost. He built his ____ , then weighed costs & benefits, then built it again, then weighed costs & benefits, and repeat...

16

The producers of Holy Grail used marginal analysis when making the movie. The additional cost of using horses outweighed the additional benefit of making a realistic movie, because it meant cutting other ____ & ____ . They used coconuts instead.

  
  
17

Sir Robin used marginal analysis & decided to flee from battle, rather than fight. For Sir Robin, the cost of being killed in nasty ways ____ the benefit of being seen as brave.

18

Poor economic analysis is when the Black Knight continues to fight King Arthur, even though the ____ ____ (losing his limbs) outweighs the additional benefit (protecting the bridge).

     
  
  
19

King Arthur used marginal analysis when deciding to visit Camelot, the additional benefit of the round table vs the additional cost of silly songs. He decided the additional benefits of the round table weren't ____ ____ , & decided not to go.

  
  
20

King Artur & his knights used marginal analysis to reevaluate their attack on the deadly ____ . They reacted to changes in benefits (defeating the [same]) & costs (being killed). They decide it is not worth doing again, because the [same] is dynamite

 
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