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Contents
Diminishing marginal utility and the demand curve
This video explains the law of diminishing marginal utility and establishes a link between diminishing marginal utility and the individual and market demand curve.
The equimarginal principle
This video uses the equimarginal principle to explain how a rational consumer maximises utility within a given budget constraint.
Behavioural economics and the limitations of marginal utility theory
This video explains the limitations of marginal utility and why consumers do not always act rationally.
