The Ultimatum Game- Are people rational?

Jacob Clifford introduces a classroom activity called the Ultimatum Game, aimed at teaching behavioral economics. The activity involves students making decisions about splitting bonus points, highlighting concepts like rationality, fairness, and opportunity cost. The video provides detailed instructions for teachers on how to conduct the activity and discusses the economic insights gained from it.

How does the Ultimatum Game illustrate the concepts of fairness and opportunity cost?

In what ways can the Ultimatum Game be beneficial for students' understanding of economics?