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please explain the question *Explain how you can use (or experience) the concept of marginal utility...

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.

Homework Answers

Answer #1

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.

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