(1) Intro To Utility Analysis: The Utility Function
Utility, Consumer Choice, Utility Function
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.
Crane, Steven E., "(1) Intro To Utility Analysis: The Utility Function" (2011). Principles of Microeconomics. Paper 60.
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 Videos