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\nConsumer Behaviour: Rational Decision Making and Utility Theory\n

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\nThis video discusses the topic of consumer behavior, starting with the concept of utility and how it relates to overall satisfaction or well-being. The video then explores rational decision making and how economic agents respond to...\nThis video discusses the topic of consumer behavior, starting with the concept of utility and how it relates to overall satisfaction or well-being. The video then explores rational decision making and how economic agents respond to economic incentives. The importance of marginal utility is then explained, including the law of diminishing marginal utility, which states that as a consumer buys more units, the marginal utility received decreases. The video also demonstrates how individual demand curves can be used to calculate market demand and how this relates to the classical economic rational decision making model.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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17:20
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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Concepts

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economics, demand curve, cost, demand
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Additional Tags

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a-level, lectures, micro, behavioural, 4.1a, consumer, behaviour, economic incentives, homo economicus, economic human, downward sloping, lot wealthier, total utility, marginal utility, extra utility, marginal cost, marginal benefit, extra bottle, 5th bottle, marginal decision, good day, extra unit, market demand, price increases, market, utility, james, benefit, bottle, increased, move, difference, decide
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Consumer Behaviour: Rational Decision Making and Utility Theory\" href=\"/subscription/new\">\"Consumer\n\n
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