Marginal Revenue Product Project & Simulator
Wooten & White (2018) describes a class project that explores the principles of marginal revenue product, labor markets, and estimates of firm profits using actual data from Major League Baseball. That particular project focused on collecting data to calculate marginal revenue product in an effort to increase student engagement by using a familiar subject matter. The project culminates with an in-class draft and season simulation activity that allows students to apply the information they have collected in order to make decisions based on their work.
The simulator mentioned in the article is now available as a web app, but any instructor interested in a downloadable file should reach out. The authors do have downloadable versions of the simulator, however, the web app is more stable. We have also provided additional resources that other instructors (and our students) have requested over the years.