below are four goods and their respective marginal utilities per dollar for a typical consumer. the consumer must choose only one of the four goods to consume. according to consumer behavior theory, which good would the consumer consume

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31-10-2022
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below are four goods and their respective marginal utilities per dollar for a typical consumer. the consumer must choose only one of the four goods to consume. according to consumer behavior theory, which good would the consumer consume

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RadhaYadav216 RadhaYadav216 · Answer 1 · 2022-11-05T13:27:32+01:00

If the marginal utility per dollar is not the same for each good, the consumer could increase her utility by spending more on goods for which the marginal utility per dollar is higher.

What is Marginal utility ?

Utility in economics refers to the pleasure or advantage obtained from using a thing. A good or service's marginal utility quantifies how much customers enjoy or are satisfied after increasing or decreasing their use by one unit. Three different kinds of marginal utility exist. They have a marginal utility that is positive, negative, or zero.

The law of declining marginal utility, which states how the first unit of consumption of a certain product or service gives more utility than the second and following units, with a continual drop for higher amounts, is postulated by economists in the context of cardinal utility. Therefore, falling marginal utility refers to the decrease in marginal utility as consumption rises.

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