Diminishing Marginal Utility

Watch this video to explore the concepts of total utility and marginal utility. Make sure you understand that while total utility increases with consumption, marginal utility diminishes. The additional amount of happiness (marginal utility) consumers obtain from one more unit decreases with each additional unit.

 

Source: Mary J. McGlasson, https://www.youtube.com/watch?v=KOUJEyy48qY&list=PL336C870BEAD3B58B&index=19
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Last modified: Thursday, November 16, 2023, 2:47 PM