Y12 Utility IB Experiment
Sep 18, 2018
As part of their IB Economics course, the Year 12 learners discovered the concept of utility. How does it affect the consumer’s decision-making process before consuming a good or service? Well, the learners found out in an interesting way. They kicked off the lesson by consuming Coca-Cola and marshmallows. From there, they explained how each additional unit of consumption affected their satisfaction level.As part of their IB Economics course, the Year 12 learners discovered the concept of utility. How does it affect the consumer’s decision-making process before consuming a good or service? Well, again, the learners found out in an interesting way. They kicked off the lesson by consuming Coca-Cola and marshmallows. From there, they explained how each additional unit of consumption affected their satisfaction level.
When completed, the learners built a table that connects the law of diminishing marginal utility with the law of demand. They also examined the ways to plot an individual’s product demand based on their satisfaction level after consuming a product. All in all, it provided them with the information needed to build a demand curve. It also helped them to understand how the law of diminishing marginal utility underpinned the law of demand.
When completed, the learners built a table that connects the law of diminishing marginal utility with the law of demand. They also examined the ways to plot an individual’s product demand based on their satisfaction level after consuming a product. All in all, it provided them with the information needed to build a demand curve. It also helped them to understand how the law of diminishing marginal utility underpinned the law of demand.
