please explain the question
*Explain how you can use (or experience) the concept of marginal utility in your own "everyday" life. Please provide an
example.
The concept marginal utility means that the benefit gained from consuming one additional unit of goods or service or change in utility from each additional good you consumed.
When I eat an apple while hungry make me very happy the second one will make me happy but not as much as the first one and a third apple even less so, and so on. So when we consume more and more total utility increase but marginal utility decline.
Marginal utility= change in total utility/change in number of units consumed.
Get Answers For Free
Most questions answered within 1 hours.