Diminishing Marginal Utility
Completion requirements
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
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Last modified: Thursday, 1 August 2024, 1:23 PM