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Think of a time when you were affected by a budget constraint or an instance in which you experienced diminishing marginal utility. Provide a real-life example and share how you determined your end result.
Please address the following questions:
-Discuss a budget constraint from your own experience, such as when you had to choose between two goods? For instance, you could share an example of how you budget coffee brewed at home versus Starbucks or Caribou coffee.
-Describe how marginal utility was experienced in your situation? For instance, when did you experience total satisfaction?
-Going forward, now that you know more about budget constraints, do you anticipate that this will impact your future consumption?
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