Title

(1) Intro To Utility Analysis: The Utility Function

Topic Category

Consumer Choice

Publication Date

2011

Keywords

Utility, Consumer Choice, Utility Function

Abstract

This begins the introduction of the simple model of consumer choice that underlies demand curves. It discusses going "behind the scenes of a demand curve" and introduces the concept of a Utility Function.

Run Time

5:12

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 Videos

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