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Assignment:
Topic: Diminishing Marginal Utility
1. Imagine that you have just been surprised with an email that says you have been selected by your favorite pizza delivery company to receive your favorite pizza, delivered to your home and ready to eat, for lunch and for dinner every day for the next month.
2. Now, pretend that your favorite national brand gasoline company informs you that you have won free gasoline, as much as you want, from any of their gas stations, anywhere in the country every day for a year.
3. Considering the concept of utility, what makes these two scenarios different?
4. Marginal utility is subjective. It can decrease at different rates from person to person. Further, the marginal utility of different goods and services can decrease at different rates for ourselves. Like the pizza and gasoline example, provide your own example of two different things that have different diminishing marginal utility rates for you and explain why they decrease at.
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