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Total and Marginal Utility

Utility in Economics is another word for "happiness". Most people would argue that more is always better. This lesson introduces and analyzes the relationship between the level of consumption of a particular good and the consumer's total and marginal utility derived from the good's consumption. We introduce the "law of diminishing marginal utility", which itself helps explain the...

Disciplines:

Business / Economics / Micro

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More about this material

Material Type:: Tutorial
Date Added to MERLOT:: July 13, 2021
Date Modified in MERLOT:: July 13, 2021
Author:: Jason Welker
Submitter:: Cathy Swift

Primary Audience:: College General Ed, College Lower Division, College Upper Division
Technical Format:: Video, Website
Mobile Compatibility:: Not specified at this time
Language:: English
Cost Involved:: No
Source Code Available:: Unknown
Accessibility Information Available:: Unknown
Creative Commons:: No