$1.60, which is double the cost of a download given the higher marginal value of renting. The additional pleasure a consumer has from owning one extra unit of an item or service is known as marginal utility. Economists utilize the idea of marginal utility to estimate the quantity of a good that consumers will buy.
To determine how consumer decisions are impacted by degrees of satisfaction, economists use the idea of marginal utility. The law of declining marginal utility, which states how the initial unit of consumption of an item or service carries more utility than successive units, is another idea that economists have recognized.
The concept of marginal utility is helpful in describing how consumers choose products and services to maximize their financial resources. In general, as long as the marginal benefit exceeds the marginal cost, consumers will keep consuming more of a good.
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