GiganticWebsites.com is a project through which I make it possible for people to build truly gigantic websites (thousands of articles each!) at ridiculously low prices. If you have a great domain you want to turn into an amazing website or an existing site you'd like to upgrade/scale, visit our website or check out the One Minute Economics presentation video below: ua-cam.com/video/gE8yEOQFMvo/v-deo.html Please note that this comment is not an ad for a third-party service provider. GiganticWebsites.com is my baby 100% and I will personally be involved in each and every project so as to ensure the website turns out great :)
The exceptions in the video are wrong because the law of diminishing marginal utility assumes the goods to be homogeneous. Different episodes of a tv series are not homogeneous and an empty album does not have the same value as a filled album since they are heterogeneous. There are no exceptions to the law of diminishing marginal utility just like there arent any exceptions to 1+1=2
@@muhammadhammad8095 Legend has it... they aced that exam, then developed a deep passion for economics, and went on to become the best economist who ever lived 😂
Utility is not the same as consumption and is not the same as desire. He's messing up by attributing the example to you drinking more orange juice than you need and relating that to satisfaction. Satisfaction is not the measure of utility. The measure of utility is in the use of the commodity versus the cost of having that commodity at that particular time in that form. If you don't USE something, be it abstract or material, it does not have utility. It only has theoretical/speculative utility until it's actually used.
This was very good for a 1-minute piece. For the basic fast intro and overview of this concept/law - as a teaching tool & resource - I personally recommend dropping the exception piece you included at the tail end of your video. That gets you to a video which is then 58 seconds in length. Used as a teaching resource, you can then leave it to an instructor to have that follow-up conversation and dig deeper with the concept with his/her own students. Just a thought...
Thanks for the kind words, will do my best to release some more videos around the topic, including one through which I tackle the very idea of utility. Would have been impossible to do it through this video, since I wouldn't have had enough "air time" for the topic at hand :(
this video is kinda misleading because the exceptions are actually wrong since the law of diminishing marginal utility assumes the goods to be homogeneous. Different episodes of a tv series are not homogeneous and an empty album does not have the same value as a filled album since they are heterogeneous, in this situation the law of marginal utility would apply to the stamps themselves not the album the law also applies to money, for example, for someone who has 1000 dollars, gaining 1 million dollars would make a lot of difference, but for someone who already has 1 billion dollars, gaining one million is pretty much nothing. There are no exceptions to the law of diminishing marginal utility just like there arent any exceptions to 1+1=2
One Minute Economics needs your help! Please give me a minute (heh) of your time by watching the following video if you find the channel useful, literally anyone can help (either financially or by spreading the word about my work): ua-cam.com/video/io04ckq1X1M/v-deo.html
Not sure if the show is actually an example going against the law as described. Yes, you might not get Diminishing Utility from watching the next episode, because that each episode is it's own product. But say you have to watch the same episode over and over again, back to back. Unless for some reason it is a particularly good episode of a particularly good show, you would probably get bored of it after the 3rd time watching it.
Good description of an incorrect claim. There is no “law of diminishing marginal utility”. This is just a lie we tell undergrads because the truth is hard. The reason for diminishing marginal rate of substitution (how much of another good someone is willing to give up to get another unit of a good) is that people tend to want variety. Orange juice does not have to make you sick for you to want to be able to wear pants.
Indeed, orange juice doesn't have to make you sick for you to want to be able to wear pants. But too much orange juice still makes you sick. I do agree that we shouldn't be economists who only see nails because all they have is a hammer, but that doesn't mean hammers aren't quite useful :)
GiganticWebsites.com is a project through which I make it possible for people to build truly gigantic websites (thousands of articles each!) at ridiculously low prices. If you have a great domain you want to turn into an amazing website or an existing site you'd like to upgrade/scale, visit our website or check out the One Minute Economics presentation video below:
ua-cam.com/video/gE8yEOQFMvo/v-deo.html
Please note that this comment is not an ad for a third-party service provider. GiganticWebsites.com is my baby 100% and I will personally be involved in each and every project so as to ensure the website turns out great :)
The exceptions in the video are wrong because the law of diminishing marginal utility assumes the goods to be homogeneous.
Different episodes of a tv series are not homogeneous and an empty album does not have the same value as a filled album since they are heterogeneous.
There are no exceptions to the law of diminishing marginal utility just like there arent any exceptions to 1+1=2
DUDE YOU ARE A SAVIOUR! Your explanations are amazing. Thanks! I’ve an exam tomorrow. Thanks for the videos! 🙌🏻
Hope you will ace the exam! :) Thanks a lot for the thoughtful comment :)
Howd u do ?😂
@@muhammadhammad8095 Legend has it... they aced that exam, then developed a deep passion for economics, and went on to become the best economist who ever lived 😂
Utility is not the same as consumption and is not the same as desire. He's messing up by attributing the example to you drinking more orange juice than you need and relating that to satisfaction. Satisfaction is not the measure of utility. The measure of utility is in the use of the commodity versus the cost of having that commodity at that particular time in that form. If you don't USE something, be it abstract or material, it does not have utility. It only has theoretical/speculative utility until it's actually used.
Hi buddy
This was very good for a 1-minute piece. For the basic fast intro and overview of this concept/law - as a teaching tool & resource - I personally recommend dropping the exception piece you included at the tail end of your video. That gets you to a video which is then 58 seconds in length. Used as a teaching resource, you can then leave it to an instructor to have that follow-up conversation and dig deeper with the concept with his/her own students. Just a thought...
Thanks a lot for the kind words and feedback, appreciate it!
clear, sharp, to the point, without spending time on saying things i don't care about. well explained!!!!
Thanks a lot for the kind words George, seeing that my concept of keeping things brief works means the world to me! :)
Thank you so much dude! 🙏
I've got exams next week. You're a Savior! Great straight to the point in the simplest way possible one minute video!
Hope you ace it! :)
Explained incredibly well! Subscribed.
Welcome aboard Felipe, thanks a lot for the kind words :)
damn.... the best easiest and shortest animated video for law of diminishing marginal utility
Happy to hear you enjoyed watching the video, thanks a lot for the kind words!
You are welcome
I was trying to understand it for the last half an hour, but you made it quick.
I'm here to serve :D
Great crisp video with apt examples and animations! Subbed.
Welcome to the community :)
This mans going to help me pass microeconomics.
Superb and quick !
Thanks a lot :)
@@OneMinuteEconomics 😊
Dupe you are a saviour thankyou for showing marginally utility
Thank you so much for the information within less time i understood the topic its amazing
I'm here to serve :)
That was so easy to understand. Than you ❤❤❤❤❤
Nicely explained.
Thanks a lot Alparslan :)
Informative ✅
Explained very well .!!!
I need more about this .!! In detail
Hi Masood, what would you like to know? Will do my best to answer or perhaps other community members can chime in :)
Damn...superb explanation just in a minute awesome
Thank you so much for the kind words, really glad you liked it :)
Well explained
Glad you liked the explanation Devansh! :)
Thank you so much sir 😊🙏
Appreciate the kind words and positivity, thanks :)
So….as you increase the variable factor there will come a time in which both the total product and the marginal product with diminish
But the idea is very good within less time try to cover more
Thanks for the kind words, will do my best to release some more videos around the topic, including one through which I tackle the very idea of utility. Would have been impossible to do it through this video, since I wouldn't have had enough "air time" for the topic at hand :(
Brilliant! Thanks
Thank YOU for the kind words :)
Nice explanation
Thank you Surabhi :)
One more exception-- MONEY
The more a person gets, the more he wants..😅
this video is kinda misleading because the exceptions are actually wrong since the law of diminishing marginal utility assumes the goods to be homogeneous.
Different episodes of a tv series are not homogeneous and an empty album does not have the same value as a filled album since they are heterogeneous, in this situation the law of marginal utility would apply to the stamps themselves not the album
the law also applies to money, for example, for someone who has 1000 dollars, gaining 1 million dollars would make a lot of difference, but for someone who already has 1 billion dollars, gaining one million is pretty much nothing.
There are no exceptions to the law of diminishing marginal utility just like there arent any exceptions to 1+1=2
Welled explained 👍👌
Thanks a lot, it always makes me happy to see folks who appreciate my work :)
Thanks for the way of teach
Always happy to help :)
But not explained the basic concepts what is utility types of utility etc
Thanks. Hopefully I’ll pass my eco test
Good luck Amber! :)
thank youuuu
There is a project to plan a game on law of diminishing marginal utility plzz help
Thank you so much god bless you ❤i hv a exam tmr n i am nervous
Hope the exam went well, thanks a lot for the kind words :)
Really Nice
Glad you liked the video, thanks a lot for the kind words :)
I wish you mentioned if the decline is at a constant rate or not
There's no "one size fits all" answer :)
One Minute Economics needs your help! Please give me a minute (heh) of your time by watching the following video if you find the channel useful, literally anyone can help (either financially or by spreading the word about my work): ua-cam.com/video/io04ckq1X1M/v-deo.html
But the explanation is amazing❤️❤️
Thanks a lot and sorry for occasionally getting carried away speed-wise :)
Invested my money (time)..
Thanks
Plzz speak slowly it's too fast
Thank you so much, very well explained 🙌
Thanks a ton for taking the time to say something nice, really appreciate it :)
bro really just termed common sense into a law lol, can't believe my uni is forcing me to learn this
You’d think it’s common sense until you have some idiot try to convince you that value is derived from labor alone.
Stamp collection?
Does this apply to sex as well?
Fantastic
Really glad you found it useful and thanks a lot for your continuous support, I'm genuinely grateful to have you as a member of the community!
Nice 😊
Thank you :)
Thank you👍✌️
You are more than welcome SO! :)
This principle but with women.
:D
Great
Thank you :)
Not sure if the show is actually an example going against the law as described. Yes, you might not get Diminishing Utility from watching the next episode, because that each episode is it's own product. But say you have to watch the same episode over and over again, back to back. Unless for some reason it is a particularly good episode of a particularly good show, you would probably get bored of it after the 3rd time watching it.
Noice explanation!! 🤸♂️
Thanks a lot Ankit! :)
pls add cc
Still haven't figured this stuff out completely, sorry about that :(
❤
Monkey was cute 😁
:)
.
Good description of an incorrect claim. There is no “law of diminishing marginal utility”. This is just a lie we tell undergrads because the truth is hard.
The reason for diminishing marginal rate of substitution (how much of another good someone is willing to give up to get another unit of a good) is that people tend to want variety. Orange juice does not have to make you sick for you to want to be able to wear pants.
Indeed, orange juice doesn't have to make you sick for you to want to be able to wear pants. But too much orange juice still makes you sick. I do agree that we shouldn't be economists who only see nails because all they have is a hammer, but that doesn't mean hammers aren't quite useful :)
Ur voice are not abebal
No. I hate these lazy a-historical economic takes. The world and humanity and subjective perspective is not a monolith of "human nature"
Feel free to share your take through a comment, what would you have done differently with this video and how would you have chosen to phrase things?