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Marginal utility
- It is the measure of the additional satisfaction obtained from consuming one additional unit of good.
* Marginal Utility: An instance
- The marginal utility can be derived from increasing from 0 to 1 units of food may be 9
- Increasing from 1 to 2 may be 7
- Increasing from 2 to 3 may be 5
* Observation: Marginal utility is getting diminished
* Diminishing Marginal Utility
- The principle of the diminishing marginal utility states that as more a good is used, using additional amounts will yield smaller additions to utility.
Relationship between Total and Marginal Utility
* Diminishing Marginal Utility: An Example
Demand for Risky Assets * Assets - Something which provides a flow of money or services to its owner. - The flow of money or services can be explicit or implicit . *
f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)
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