Title
(2) Diminishing Marginal Utility
Topic Category
Consumer Choice
Publication Date
2011
Keywords
Utility, Consumer Choice, Marginal Utility, Diminishing Marginal Utility, Utility Function
Recommended Citation
Crane, Steven E., "(2) Diminishing Marginal Utility" (2011). Principles of Microeconomics. Paper 59.
http://epublications.marquette.edu/microecon_learning/59
Run Time
9:34
Primary Discipline
Microeconomics
Skills Delivered
Ability to explain the concepts of utility and a utility function. Ability to distinguish between total and marginal utility. Ability to recognize and explain situations where marginal utility is increasing and decreasing. Ability to explain the importance and prevalence of diminishing marginal utility.
Rigor Level
2000
Prerequisites
The Introduction and Demand, & Previous Utility Videos
COinS
Comments
This examines the simple model of consumer choice using the single good case. It distinguishes between Total and Marginal "Utility" and emphasizes the notion of Diminishing Marginal Utility.