Econ Final

Econ Final

Storyboard Text

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  • There once was a girl named Carly. Carly lived in a small town where every July 16th they would host a movie festival. Carly’s mom gave carly $10 to spend on snacks for the movie. Carly’s friend Jenna was selling Candy and Mark was selling hot dogs. Each hotdog costs $2, because the cost of something is what you give up to get it, and each box of candy cost $1. 
  • Carly faced tradeoffs when buying snacks for her movie because she couldn’t buy 5 hotdogs and 10 boxes of candy, but she could by either or a mixture of the two.
  • Carly’s mom explained to Carly that she needs to think how each item with marginally benefit her. In situations similar to this at work, Carly’s mom told Carly how they would use marginal benefit analysis to calculate what would be the best outcome for the company. Carly understood that she could only buy as much as her money would allow her to while also increasing her happiness from the snacks. Although Carly is just a kid, in adult situations, rational people think at the margin. 
  • Later that night Mark walked up to Carly and told her that if she bought 2 hotdogs he would only charge her $3. Carly thought this was a really good deal and bought the hotdogs from Mark. Carly was responsive to the incentive of an extra hot dog for only $1 instead of $2.
  • Right before the movie was about to start, Mark and Jenna were closing up their snack stands. However, Mark only had hotdogs for the movie and Jenna only had candy. Jenna had the brilliant idea to trade 2 boxes of candy for 1 box of popcorn. Both Mark and Jenna got a variety of snacks from the trade and now get to enjoy their movie.
  • Carly, Mark, Jenna, and the rest of the town got to snack and enjoy the rest of the evening thanks to some simple economics!
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