Material Detail: “I'll Trade You a Bag of Chips...and $60,000 for Your Tuna Sandwich”
I'll Trade You a Bag of Chips...and $60,000 for Your Tuna Sandwich
This lesson plan discusses the concepts of supply and demand using a product for which the price varies: tuna that is bought in a can and another type of tuna, maguro, for which the Japanese pay up to $70,000 per fish for use in sushi. Students learn about various concepts regarding supply and demand such as equilibrium price and quantity, marginal benefits and costs, and substitute goods. The lesson includes a link to a web based data analysis tool so students can draw supply and demand curves.
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