Reference no: EM13770650
Discussion topic: Diminishing Marginal Utility
Pretend that you have just been surprised with a genuine e-mail that says you have just been selected by your favourite pizza delivery company that every day for the next month you will receive your favourite pizza for lunch and another of that same favourite pizza for dinner, delivered to your home and ready to eat.
Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning.
What about your excitement on the 10th day?
What about your excitement on the 30th day?
Now, pretend that your favourite national brand gasoline company informs you that you have won as much as you want free gasoline, as much as you want, from any of their gas stations, anywhere in the country every day for a year.
Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning.
What about your excitement on the 10th day?
What about your excitement on the 30th day?
Again, considering the concept of utility, what makes these two scenarios different?
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