Teaching Economics with Media
John Mulaney describes a memorable experience of trying to play Tom Jone’s What’s New Pussycat 21 times in a local diner. It doesn’t take long for diminishing returns to set in at the diner as everyone but the waitstaff loses their mind. This is a great opportunity to queu up a song on Spotify and play the same song on repeat before class. Some of your students won’t notice, but many of them will raise and eyebrow on the 3rd repeat.
Thanks to Katie Klinko for the clip reference!
Homer and Marge head to the Frying Dutchman for the all-you-can-eat buffet. Heading late into the night, Homer doesn’t seem to be experiencing any diminishing returns even after eating all of the shrimp and two plastic lobsters. Even though he isn’t experiencing diminishing returns, Homer appears to be optimizing his utility since the marginal cost of each plate (and each plastic lobster) is $0.
Pat Dixon describes how he loves the fifth beer because it makes him look good, which are good qualities for a day drinker. This clip can be used to teach about diminishing marginal utility and increasing marginal cost. For Dixon, the 5th beer is the optimal beer.
Jerry Seinfeld asks where we can we ever have enough comedy on tv? Is there a point where diminishing returns kicks in and people no longer want any more chuckles?
In Cool Hand Luke, Petty criminal Luke Jackson (Paul Newman) is challenged to eat 50 eggs, but we can see the results of diminishing returns on the human body. Earlier in the film, they outline the rules of the game, but even with the help of some exercise and assistance chewing, Jackson barely makes it through the ordeal.