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Peer Review

Cost Concepts

Reviewed:
Feb 26, 2019 by Business
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Ratings

Overall Rating: 5.0 stars
Content Quality: 5.0 stars
Effectiveness: 4.8 stars
Ease of Use: 5.0 stars
Overview:

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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