This tutorial introduces the economics concepts of total cost, fixed cost, variable cost, and marginal cost. One reads the lecture notes and provides responses to questions about the costs. This quiz provides immediate feedback to the student's answers. It could be used as a homework assignment in an economics class.
Type of Material:
Tutorial
Recommended Uses:
This could be used in any economics class for an introduction to cost concepts
This could be used as homework
This could also be used in class to view the relationships between concepts
Technical Requirements:
Used Chrome
Identify Major Learning Goals:
Students will:
Learn and understand the definitions of the different kinds of short-run costs.
Learn and understand how to calculate short-run costs.
Learn and understand how to distinguish between the short-run and long-run time periods.
Students will understand the relationships between costs
Students will understand how costs affect each other
Target Student Population:
Any economics student in entry level classes
Could use as a review for other economics students
Could also be used in other undergraduate business classes
Prerequisite Knowledge or Skills:
General understanding of what each of the costs are
Content Quality
Rating:
Strengths:
Good instructions
Good demonstration of the concepts
Accurate information
Graphs as well as cost information well explained
Explains why cost is important to understand
Concerns:
None
Potential Effectiveness as a Teaching Tool
Rating:
Strengths:
Students can understand the relationship between costs.
Learning objectives are not clear
Can be used in a variety of ways
Graphs and tables support learning
Students can self-quiz and receive answers
Can be easily integrated into the class, regardless of textbook used
Students can learn a lot in short time
The illustration used integrates all of the cost concepts visually by using graphs and tables.
Concerns:
Author could provide suggestions for use
Author could summarize better
Ease of Use for Both Students and Faculty
Rating:
Strengths:
Interactive
Easy to navigate
No links to distract students
Will engage students
Very good short, but effective exercise.
Concerns:
Formatting of text could be improved
Some terms are underlined, which normally denotes a link.
Some color used, so some students may not be able to read this.
Other Issues and Comments:
Excellent short demonstrated example from which student can learn short-run cost definitions, descriptions, calculations.
Feedback for either right or wrong answers is given immediately to the student in a positive, affirming way.
Although it looks as if this was published in 2000, costs don't change so it is relevant for today.
Creative Commons:
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