(2) Diminishing Marginal Utility
Utility, Consumer Choice, Marginal Utility, Diminishing Marginal Utility, Utility Function
Crane, Steven E., "(2) Diminishing Marginal Utility" (2011). Principles of Microeconomics. Paper 59.
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.
The Introduction and Demand, & Previous Utility Videos