Marginal Utility & Utility Maximization
PART 1: This video teaches you how to calculate MU and MU/P. It defines the Utility Maximizing rule and how to determine the consumption possibility that maximizes Total Utility (satisfaction).
PART 2: This video will teach you how to use the Utility Maximizing calculations to construct a Demand Curve.
Utility = Satisfaction
Goal: Maximize Utility!!! MU/Px = MU/Py (make sure you use your whole budget - as much as possible!)
Utility Calculations by Welker
In-Class Lecture Notes: here