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Define Marginal Utility and Discuss Its Significance In Detail

Referencing Styles : APA | Pages : 1

Marginal utility aims to quantify the added satisfaction for consumer garner from consumption of any required goods and services. The whole idea of marginal utility is being used by economist for analysing how much an item is being purchased by consumer. Positive marginal utility tends to take place at the instance of consumption of additional item that results in an increase in total utility. Negative marginal utility comes into picture at the instance of additional item which increases the total utility. Negative utility occurs when the consumption of additional item tends to decrease the total utility.

Economist around the globe makes use of idea of marginal utility for analysing the satisfaction level of consumer decision. Economist comes up with an idea of law of removing marginal utility that describes the first unit for consumption of goods or services. It aims to carry much more utility in comparisons to subsequent units. In the 19th century, the whole idea of marginal utility came into picture where economist needs to analyse and explain the fundamental economic for reality price. Economist highlighted the fact price is completely determined by the commodity utility, which is the degree that satisfies the customer desire and their needs. Economist focused on the point that the value of diamond is much more than bread, although bread is considered to be an essential aspect for life continuity. Bread come up with much more utility in comparisons to diamond, which is only used for making ornament. This particular issue that is paradox of value is completely solved by applying the concept of marginal utility as diamond is rare, so its demand is much more in comparisons to bread. It means that its marginal utility is found to be high and consumers are willing to much more high prices.

For example, James has four water bottle he then decides to purchase 50 water bottles and also takes up the decision of buying additional bottle. In this scenario, James will understand more utility as extra bottle will increase the water supply to 25 % while Kevin additional bottle augments the supply by value of 2 %.

There are various kind of marginal utility, and three of the most common are

Zero Marginal utility: It comes into picture for having much more items which do not bring any kind of extra measure for overall satisfaction. The most suitable example is receiving two copies of same issue of magazine then the extra copy has added just little value.

Positive Marginal Utility: It comes into picture when an extra version of item is being satisfied. The most suitable example will be store promotion where customer can go out with pair of shoe if they aim to buy two pairs of upfront.

Negative Marginal Utility: It can be considered to be too much for a given item which is detrimental. The most suitable example is use of correct dose of antibodies which can kill antibiotics while too much can directly harm the body.

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