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April 30, 2021
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April 30, 2021

Discussion

Diminishing Marginal Utility

  1. Pretend that you have just been
    surprised with a genuine email that says you have just been selected by your
    favorite pizza delivery company that every day for the next month you will
    receive your favorite pizza for lunch and another of that same favorite pizza
    for dinner, delivered to your home and ready to eat.

    1. Using the concept of diminishing marginal utility, discuss
      how excited you will be on the first day of your winning.
    1. What about your excitement on the 10th day?
    1. What about your excitement on the 30th day?
  2. Now, pretend that your favorite
    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.

    1. Using the concept of diminishing marginal utility, discuss
      how excited you will be on the first day of your winning.
    1. What about your excitement on the 10th day?
    1. What about your excitement on the 30th day?
  3. Again, considering the concept of
    utility, what makes these two scenarios different?

200 words with references

 

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