This Law of Diminishing Marginal Returns video also includes:
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 an example to illustrate this concept of economics.
- If you plan to use this as a flipped classroom resource, assess class members the following day with a quiz or by having them illustrate their own product curve graph
- Best if supplementing with other reading and/or instructional activities
- Great resource to use as a model for your own instruction
- Incorporates concept of specialization, as well as three stages of increasing, decreasing, and negative marginal returns