Unlimited Preferences — Defining and Measuring Utility
Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE
Subject(s):Economics, Personal Finance
Grade Level(s):9, 10, 11, 12
This lesson introduces students to the concept of utility and marginal utility. Using the article “Behind the Scenes at Urban Outfitters” students will think about the relationship between price and utility. Students will examine their own utility as it relates to clothing and apparel, noting the difference between total utility and marginal utility.