Micro: Unit 2.1 -- Marginal Utility
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Define marginal utility (MU) and the law of diminishing marginal utility
Practice calculating the marginal utility per unit of a good
Explain the correlation between diminishing utility and the law of demand
Define marginal utility per dollar (MU/P)
Practice calculating the marginal utility per dollar per unit of a good
Use marginal analysis to predict consumption patterns and determine the quantity of the
good that should be consumed
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