Title

(2) Diminishing Marginal Utility

Topic Category

Consumer Choice

Publication Date

2011

Keywords

Utility, Consumer Choice, Marginal Utility, Diminishing Marginal Utility, Utility Function

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.

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

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