What is marginal utility and explain …
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Posted by Pink Rythm 5 years, 5 months ago
- 2 answers
Meghna Thapar 5 years, 5 months ago
Marginal utility theory examines the increase in satisfaction consumers gain from consuming an extra unit of a good. The utility is an idea that people get a certain level of satisfaction/happiness/utility from consuming goods and service. In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
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Gaurav Seth 5 years, 5 months ago
Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.
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