Can happiness be measured? Students will learn how utility relates to economic decision making and the law of diminishing marginal utility.

By the end of this section, you will be able to calculate and graph budgets constraints, explain opportunity sets and opportunity costs, evaluate the law of diminishing marginal utility, and explain how marginal analysis and utility...

"Chapter 4: The Consumer: Marginal Value, Marginal Utility, and Consumer Surplus" by David D. Friedman discusses and analyzes the consumer who buys many goods.

Practice applying the utility maximization rule in this exercise.

Practice what you have learned about total utility, marginal utility, total revenue, and costs in this four-question exercise.

Another approach to maximizing utility uses indifference curves (sometimes called utility curves) and budget constraints to identify the utility optimizing combination of consumption. Read about this method in this article.

This site provides comprehensive information on how to boost your profits and keep them high, by utilizing effective management techniques. Includes video 3 min. 45 sec.

Lists the determinants of demand for a product and service. The site is useful for students wishing to look further into the causes of demands. Graphs and summaries are included to aid research.