Article Review

Supply and Demand articlein Learners magazine provides a vivid description of the laws that guide demand and supply of a given commodity. The article sought to expound on the marginal utility of any given product. For instance, in the video provided, the speaker, Nariman Behravesh talks about the marginal utility of water during the 1975-1976 drought in California. The speaker reiterates that the marginal utility of any given product increases with a decrease in supply. Further, the speaker discusses the law of diminishing returns. He asserts that an increase in the scale of production is only constructive when the additional cost per unit is below the marginal revenue.

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