Youngstown State University
Using Excel Spreadsheets to Explore Profit Maximization part of Starting Point: Teaching and Learning Economics:Teaching Methods:Teaching with Simulations:Examples
Students will use basic excel spreadsheet to examine profit maximization. They will calculate values for TR, TC, MC and profit. They will use this information to determine the profit-maximizing level of output. They will then look at how changes in price and costs will affect the profit-maximizing level of output.
Using Jeremy's Market in MarketSim to understand utility maximization part of Starting Point: Teaching and Learning Economics:Teaching Methods:Teaching with Simulations:Examples
The main purpose of Jeremy's Market is to give students an understanding of utility maximization. In the simulation students are in charge of a household and their goal is to maximize the household's utility. Utility is a function of the consumption of two goods and leisure. The simulation is divided into a number of periods. In each period the students must decide how much time to spend producing the two goods and how much time to consume as leisure. Once they have produced the goods, they can consume the goods or offer to trade the goods with other students. Students should use the concepts of production theory and comparative advantage as they make their decisions on what to produce and what to trade. They also need to use the concept of utility maximization to help they decide what to consume. The simulation can be played either during a class period or outside of class.
Teresa Riley part of Starting Point: Teaching and Learning Economics:About this Project:Project Participants
Professor of Economics Department of Economics Youngstown State University One University Plaza Youngstown, OH 44555 firstname.lastname@example.org Phone:(330) 941-1675 Background Information Teresa Riley is a Professor of ...