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Marginal Utility

This learning object is a publication of the ILC, University of the Philippines Los Baños. The people behind this project are:

Author: Prof. Maria Angeles O. Catelo
Content Reviewer: Prof Anna Floresca F. Firmalino
Instructional Designer: Prof. Ricarda B. Villar
Language Editor: Prof. Jerry R. Yapo
Graphic Artist: Mr. Samuel O. Bongay

Objectives
1. Define total utility and marginal utility;
2. Apply the concept of marginal utility;
3. Express the relationship between total and marginal utility an table form, graphically, and in simple mathematical formula; and
4. Apply the principle of diminishing marginal utility in consumer's willingness to make trade-offs between goods and services, and money.

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