'Marginal utility utils' presentation slideshows

Consumer Behavior:

578 views • 56 slides

Chapter 7

Chapter 7. Utility Maximization. Law of Diminishing Marginal Utility. Law of diminishing marginal utility As consumption of a good or service increases, the marginal utility obtained from each additional unit of a good or service decreases Explains downward sloping demand curve. LO1.

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Consumer Behavior and Utility Maximization

21. C H A P T E R. Consumer Behavior and Utility Maximization. LAW OF DIMINISHING MARGINAL UTILITY. Utility Defined Subjective Nature Difficult to Quantify. Total Utility. Marginal Utility. graphically examined. Observe Diminishing Marginal Utility. TOTAL AND MARGINAL UTILITY. TU.

422 views • 12 slides