Praxeology - Episode 10 - The Law of Diminishing Marginal Utility

In this lesson I teach what the Praxeological notion of utility is, how acting man chooses on the margin and The Law of Diminishing Marginal Utility.

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[infoseekrs]

praxgirl??? are you single?



[praxgirl]

@infoseekrs yup

[jeffiek]

@Jfisher5820 Allow me a crude example - alcohol. Some people will drink no matter what the price is ( alcoholics ), some will never drink ( religious reasons ). These are the black and white end points, between which are continual shades of grey. In the middle some where are people which will change the amount they drink depending on price.

These people are "on the margin".

[Jfisher5820]

These videos are great, you are really helping me understand Paxeology, but I am still struggling with the term "marginal".

I get Utility, and I understand why utility diminishes as the number of the good is increased in ownership.

But I still struggle with what you say "is on the margin"

Any good answers please e mail jfisher@shire.com

Jim

[HeyItzMeDawg]

@th86stone ...Wait, what?

Marginal utility is entirely consistent with Supply and Demand. If you think that MU tries to debunk S&D, you have a very naive and/or mistaken view of Supply and Demand.

[liberaustrian]

@th86stone She is not trying to debunk supply and demand. She is simply showing how supply and demand does not decide a mans decisions; marginal utility does. Each person is willing to pay a certain amount for something based the the marginal utility of that item, not based on the supply. So, while Supply and demand may set the universal price, it does not set the price any given individual is willing to pay.

[th86stone]

6:02 all that to TRY to debunk supply & demand, not buying it

[farsiiiii]

thank u beautiful praxi !

India

[farsiiiii]

thank u beautiful praxi !