(Old Version) Utility Maximization: Diminishing Marginal Utility

Mr. Clifford explains utility maximization using an example of avocados and mangoes with a $70 budget. He discusses the law of diminishing marginal utility and emphasizes calculating marginal utility per dollar spent. The video guides viewers through a decision-making process to maximize utility by choosing the optimal combination of goods.

What new insight or understanding did you gain from this video?

Evaluate responses using AI:

OFF