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 Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/Product/Demand-and-Marginal-Utility-Activity-3961292 Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram -- http://www.instagram.com/youwillloveh... Facebook -- http://www.facebook.com/youwilllovehi... Subscribe to our YouTube Channel: null Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-will-love-history/home