what is my marginal utility from the first box of paper clips? by how much does my total utility increase when i go from having zero boxes to one box of paper clips?

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20-12-2022
Business

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what is my marginal utility from the first box of paper clips? by how much does my total utility increase when i go from having zero boxes to one box of paper clips?

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sapanpandit sapanpandit · Answer 1 · 2022-12-23T02:29:59-05:00

Marginal utility is the utility derived from the next commodity consumed first the marginal utility is 14 then it diminishes to 12 then 10 and so on and total utility first it is 14 then the total utility is 30 and keeps on adding.

According to the marginal utility hypothesis, consuming an additional unit of a good increases consumer happiness. The concept of utility proposes that consuming products and services results in some degree of happiness, satisfaction, or utility for the consumer. The advantage of consuming an extra unit is called marginal utility.

The concept of marginal utility is helpful in describing how consumers choose products and services to maximise 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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