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Diminishing marginal returns
This document contains a series of questions about energy levels throughout the day and applications of the concept of diminishing marginal returns. It asks what time of day students feel most/least energetic, what explains their energy levels, and for an example of diminishing returns from their own life. It then lists applications of diminishing returns to various contexts like school, relationships, business, and consumption.
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Diminishing marginal returns
- 1. Bellringer 1. What isyour opportunity cost of being here right now? 2. What part of the day do you feel like you have the most energy? 3. What part of the day do you feel like you have the least energy? 4. What do you think explains your answer to #2?
- 2. Economists “think atthe margin” • “margin” means additional • In this case the margin was?
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- 5. • • • • “the margin” Additional unitof production Law of Diminishing Marginal Returns Eventually marginal benefits will decline Burritos
- 6. Application to students? Schoolday? Study time # of students in class? # of college credits
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- 9. Application to stuffyou buy
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- 12. On your BR #4Describe an example of diminishing returns from your life.