marginal utility can be

Donate or volunteer today! Meanwhile, negative marginal utility takes place when utility decreases with the consumption of one additional item. Now you want a second sandwich. B. change in total utility obtained by consuming one more unit of a good. Find the price of the commodity-X: (a) Rs. Marginal utility is the increase in total utility obtained by consuming one more unit of a good, service, or activity. LAW OF DIMNISHING MARGINAL UTILITY The Law of Diminishing Marginal Utility states that the amount of satisfaction provided by the consumption of every additional unit of a good decrease as we increase the consumption of that good. Once you’ve done this, figure out the total utility of consuming another quantity of that same good. (Links to an external site. Marginal utility can be measured by the change in: A) total utility / the change in quantity. Utility maximization using marginal utility per dollar spent. Sally has five bags of rice, and purchases a sixth bag of rice. Game Theory is a formal way to analyze the interaction among a group of rational individuals who behave strategically. Marginal utility can then be defined as the first derivative of total utility—the total satisfaction obtained from consumption of a good or service—with respect to the amount of consumption of that good or service. Marginal utility quantifies the added satisfaction that a consumer garners from consuming additional units of goods or services. 40. There are multiple kinds of marginal utility. The concept implies that the utility or benefit to a consumer of an additional unit of a product is inversely related to the number of There are six determinants of demand. The importance of indifference curve analysis to neoclassical microeconomic consumer theory can hardly be overstated. Formula: MU = ∆TU ∆Q . D. decreasing, but not negative. Marginal Utility analysis helps us understand the behavior of a consumer by looking at the way he spends his income on different goods and services to attain maximum satisfaction. It is evidenced by figures D, E, and F having decreased marginal utility. If the consumer is left with money to spend, opportunities for increasing utility are left unused, so the consumer can only be maximizing utility when all available income is spent. Difference in total utility / Difference in units = Average marginal utility, Difference in total utility = Total utility 2 – Total utility 1, Difference in units = Number of units 2 – Number of units 1. For example, if you receive two copies of the same issue of a magazine, that … Marginal Utility analysis helps us understand the behavior of a consumer by looking at the way he spends his income on different goods and services to attain maximum satisfaction. About. Or, you could think about marginal utility, the utility I'm getting from the next incremental chocolate bar or the next incremental pound of fruit. Utility maximization requires seeking the greatest total utility from a given budget. As the marginal utility decreases, the value of each extra unit decreases for you. In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service. Marginal utility is the increase in total utility obtained by consuming one more unit of a good, service, or activity. Utility is an economic term used to represent satisfaction or happiness. To calculate the marginal utility based on these two total utility numbers, find the difference in their total utility. The principle of diminishing marginal utility can be used to explain why A) Bob's second soda is less enjoyable than his first soda. Giving up the fourth T-shirt, however, frees up $14 (the price of a T-shirt), allowing José to buy the first two movies (at $7 each). The concept of diminishing marginal utility: A. explains why individuals rarely maximize their total utility. Marginal utility can then be defined as the first derivative of total utility—the total satisfaction obtained from consumption of a good or service—with respect to the amount of consumption of that good or service. In other words, marginal utility is the addition to the total utility resulting from the consumption of one additional unit of the commodity. One … 4. The principle of diminishing marginal utility is illustrated here as the total utility increases at a diminishing rate with additional consumption. As a consumer consumes more and more of a good or service, its marginal utility falls. LAW OF DIMNISHING MARGINAL UTILITY The Law of Diminishing Marginal Utility states that the amount of satisfaction provided by the consumption of every additional unit of a good decrease as we increase the consumption of that good. And before I move on, there's one thing-- and this was a point of confusion for me when I first learned this-- is OK, I'm using the word marginal utility now. Thus, it can be measured as the change in the total utility obtained from the consumption of an additional unit, say X, Symbolically it can be represented as: Find the price of the commodity-X: (a) Rs. ).Must include a separate title page with the following:Title of paperStudents nameCourse name and numberInstructors nameDate submittedFor further assistance with the formatting and the title page, refer to APA Formatting for Word 2013 (Links to an external site. For instance, if you are prescribed a certain dose of a medication that is beneficial to your health, taking more than this dose can actually have negative effects. In other words, marginal utility is the addition to the total utility resulting from the consumption of one additional unit of the commodity. (c) Rs. It is evidenced by figures D, E, and F having decreased marginal utility. The total utility of all four sandwiches, then, is $20. A WordPress Commenter on Hello world! In practice the smallest relevant division may be quite large. We offer the best custom paper writing services. B. positive or negative, but not zero. Donate or volunteer today! Fill in your paper’s requirements in the ". B) income / the change in utility. Khan Academy is a 501(c)(3) nonprofit organization. 5. (Links to an external site. Giving up the fourth T-shirt, however, frees up $14 (the price of a T-shirt), allowing José to buy the first two movies (at $7 each). Marginal utility is the addition to the total utility when one more unit of a good is consumed. Why are diamonds more expensive than water?Evaluate the law of diminishing marginal utility.Identify some items, explaining your reasoning, that do not follow the law of diminishing marginal utility.Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox.The Law of Diminishing Marginal Utility paper. Marginal utility can be measured by the change in: A) total utility / the change in quantity. (Total utility, by contrast, is the total satisfaction derived from consumption, not just that of an added unit.) The concept implies that the utility or benefit to a consumer of an additional unit of a product is inversely related … https://daily.jstor.org/diamonds-expensive-water/. In this article, we will look at the assumptions, laws, and limitations under marginal utility analysis. Now, this concept is used by sellers to understand consumer behavior and determine the price point and different levels of consumption. Formula: MU = ∆TU ∆Q . Until the early 20th century, economists had been unable to provide a compelling case for the use of mathematics, particularly differential calculus, to help study and explain the behavior of market actors. Marginal Utility = 0 means that at some point you will prefer to buy something else despite the price tag. Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox. B. change in total utility obtained by consuming one more unit of a good. Measurement of utility: The utility of a commodity can be measured using quantifiable standards like a cup of tea, a bag of sugar, a pair of socks, etc. All Rights Reserved. … Here’s a straightforward example: the utility from eating your first sandwich at lunch is much greater than that of the fifth sandwich you consume. it states that both would have a 5% gain after buying the next bag of rice. Forms of marginal utility are based on the effect of additional consumption on total utility (see the definition of total utility above): When buying extras of an item provides more satisfaction, this is considered to be a situation of their providing positive marginal utility. A. sensitivity of consumer purchases of a good to changes in the price of that good. Our mission is to provide a free, world-class education to anyone, anywhere. See the Academic Voice (Links to an external site.) C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit. 40. But after you’ve eaten the first sandwich, you’re not quite as hungry, so you’re not willing to pay as much for another because it will not provide as much satisfaction as the first—the maximum you’ll pay is roughly $5. 10. Prateek Agarwal’s passion for economics began during his undergrad career at USC, where he studied economics and business. As you might expect, they are the opposite of one another. In other words, it is the difference or change in satisfaction with an extra unit of consumption. C) quantity / the change in income. Additional money can increase utility in two ways. (d) Rs. Additional money can increase utility in two ways. Utility or total utility (TU) refers to the amount of total satisfaction a person gets from consumption of a certain item. I will correct it, Your email address will not be published. Utility maximization requires seeking the greatest total utility from a given budget. Marginal utility is the: A. sensitivity of consumer purchases of a good to changes in the price of that good. C) Charlie enjoys his fourth soda less than Bob enjoys his first. The formula appears as follows: Marginal utility = total utility difference / quantity of goods difference Table of Contents [ Show] 5. ).Must utilize academic voice. In practice the smallest relevant division may be quite large. resource for additional guidance.Must include an introduction and conclusion paragraph. Use the equation above to find the marginal utility where the change in the quantity of goods consumed is only one. Marginal utility is the added satisfaction that a consumer gets from having one more unit of a good or service. A. sensitivity of consumer purchases of a good to changes in the price of that good. Khan Academy is a 501(c)(3) nonprofit organization. (Links to an external site. D) Bob enjoys … When more of an item is not only not beneficial, but actively harmful or has negative effects, this is a case of negative marginal utility. The marginal utility of money is then derived through the additional consumption it finances. ), as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following: Describe the relationship between total utility and marginal utility.Explain if marginal utility can be negative.Examine the diamond-water paradox. First, it is an addition to the wealth that a consumer can allocate to consumption. Utility diminishes as the opportunity cost increases. The marginal utility per rupee spent is the marginal utility obtained from the last unit of good consumed divided by the price of good (i.e., MU X /P X or MU Y /P Y).A consumer thus gets maximum utility from his limited income when the marginal utility per rupee spent is equal for all goods. D) price / the change in utility… The determinants of demand are factors that cause fluctuations in the economic demand for a product or a service. This theory states that perceived satisfaction gained by a consumer increases with the consumption of each additional unit until a certain level and then it starts to decrease which indicates that the consumer is losing interest in the good or service. Marginal utility is derived as the change in utility as an additional unit is consumed. D. decreasing, but not negative. Game theory is the study of rational behavior in situations involving interdependence. Three of the most common ones are as follows: Zero marginal utility is when having more of an item brings no extra measure of satisfaction. In other words, marginal utility measures incremental utility received from one additional unit of consumption. About. After the third cookie, you are completely full and satiated, so purchasing a fourth cookie would not provide you with any additional satisfaction (this is a case of zero marginal utility). Deriving demand curve from tweaking marginal utility per dollar. C. positive, negative, or zero. Thus, it can be measured as the change in the total utility obtained from the consumption of an additional unit, say X, Symbolically it can be represented as: For instance, a buy-two-get-one-free offer for something like cashmere sweaters would be a case of positive marginal utility, because buying two sweaters means you get a third sweater. This means that the utility provided by consuming a first unit of a good or service will be higher than subsequent units of that good or service. D) price / the change in utility… The marginal utility per dollar is the marginal utility from a good divided by its price. And if you buy and eat a fifth cookie, you might get a stomachache, which would not only provide any satisfaction but would also be detrimental—making it a situation of negative marginal utility. Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox. The marginal utility fro last unit consumed of commodity-X = 50 utils and MUM = 10 utils. 4. 10. In practice the smallest relevant division may be quite large. Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox. Eventually, when this buyer no longer has any use (or, in other words, no longer derives any utility) from owning an additional unit of the good or service, the marginal utility of purchasing another unit has declined to zero. One … C. change in total utility obtained by consuming another unit of a good divided by the change in the price of that good. Sort by: Top Voted. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. There are two people purchasing bags of rice. The concept of utility measures the satisfaction consumers derive from the consumption of goods and services. Step 2. The marginal utility per dollar is the marginal utility from a good divided by its price. Marginal utility, in economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service. Negative Marginal Utility. table offers additional guidance on appropriate source types. The Law of Diminishing Marginal Utility; Compare and contrast the thematic meaning of 2 Black Mirror Episodes; Any topic (writer’s choice) Recent Comments. This means the total utility for the two sandwiches is $15. Here’s how that would look for our example: This number ($2.50) is the average value of the utility of each extra sandwich between the second and fourth sandwich purchased and consumed. The concept of diminishing marginal utility: A. explains why individuals rarely maximize their total utility. Step 2. Step 3. Marginal Utility can never be equal to zero realistically, assuming we are rational beings. ), as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following: Describe the relationship between total utility and marginal utility.Explain if marginal utility can be negative.Examine the diamond-water paradox. As the marginal utility decreases, the value of each extra unit decreases for you. (d) Rs. And if the fifth sandwich makes you feel sick, that means you’re experiencing negative marginal utility, where your total utility is actually decreasing as a result of this consumption. Marginal utility refers to the utility gained from the consumption of an additional unit of a good or service. QUIZ – Chapter 6: Name: 1. Click on the “Place Your Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled. Archives. From Table 1, José can see that the marginal utility of the fourth T-shirt is 18. The concept of marginal utility is used by … The idea of marginal value is an important consideration when making production or purchasing decisions. Utility diminishes as the opportunity cost increases. It’s pretty simple to find out the marginal utility for each additional unit. C. positive, negative, or zero. Marginal utility is the concept according to which the customer can be provided with the sense of satisfaction when any gain is received by the consumer while he or she is getting any goods or service by one more unit.. Difference in total utility: $20 – $15 = $5, Difference in units (number of sandwiches): 4 – 2 = 2, Dividing difference in total utility by difference in units: $5 / 2 = $2.50. In other words, it is the difference or change in satisfaction with an extra unit of consumption. Our mission is to provide a free, world-class education to anyone, anywhere. Or, you could think about marginal utility, the utility I'm getting from the next incremental chocolate bar or the next incremental pound of fruit. C) quantity / the change in income. Economists use the idea of marginal utility to understand the amount of a good or service that consumers are likely to purchase. Marginal utility, thus, can also be described as difference between total utility derived from one level of consumption and total utility derived from another level of consumption. B. change in total utility obtained by consuming one more unit of a good. Site Navigation. (b) Rs. This theory states that perceived satisfaction gained by a consumer increases with the consumption of each additional unit until a certain level and then it starts to decrease which indicates that the consumer is losing interest in the good or service. Marginal Utility is the change in the utility derived from the consumption of an additional unit of a good. B) income / the change in utility. by | Dec 17, 2020 | APA (edition "APA 6"), Economics | 0 comments, Prior to beginning work on this discussion, read Farah Mohammeds article, Why Are Diamonds More Expensive Than Water? B. positive or negative, but not zero. Rationality: The law of marginal utility assumes that a consumer is a rational being who aims at maximising his/her utility at the given income level and the market price. The amount by which an individual's utility would be increased if given a small quantity of additional money, per unit of the increase. Marginal utility is specifically the utility that consumers derive from the consumption of additional units of goods and services. Utility maximization using marginal utility per dollar spent. C. change in total utility obtained by consuming another unit of a good divided by the change in the price of that good. The amount by which an individual's utility would be increased if given a small quantity of additional money, per unit of the increase. The principle of diminishing marginal utility can be used to explain why A) Bob's second soda is less enjoyable than his first soda. Site Navigation. Positive marginal utility is found when marginal utility increases with the consumption of an additional item. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.Must document any information used from sources in APA style as outlined in the Ashford Writing Centers Citing Within Your Paper guide (Links to an external site. In economics, the standard rule is that marginal utility is equal to the total utility change divided by the change in amount of goods. First, it is an addition to the wealth that a consumer can allocate to consumption. What this example illustrates is the way that marginal utility keeps decreasing as a buyer makes more and more purchases. B) Bob's first soda is less enjoyable than his second soda. The marginal utility of money is then derived through the additional consumption it finances. B. change in total utility obtained by consuming one more unit of a good. Marginal utility is an important economic concept that is based on the law of diminishing marginal returns. The marginal utility per rupee spent is the marginal utility obtained from the last unit of good consumed divided by the price of good (i.e., MU X /P X or MU Y /P Y). In economic terms, marginal utility of a good or service is the gain from an increase or loss from a decrease in the consumption of that good or service. Step 3. Marginal utility can be: A. positive, but not negative. Must be three to five double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Centers APA Style resource (Links to an external site. Marginal Utility (MU) refers to the extra utility a consumer gets from one additional unit of a specific product. The principle of diminishing marginal utility is illustrated here as the total utility increases at a diminishing rate with additional consumption. B. is the change in total utility that comes from consuming one additional unit of a good or service. Marginal utility, in economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service. To go back to our sandwich example, let’s say you’re still somewhat hungry so you would only pay $3 for the third sandwich and $2 for the fourth sandwich. In order to derive the marginal utility, you’re going to have to use two measurements of total utility and find the difference between the two. ), refer to the Ashford Writing Center resources.Must use at least three scholarly, peer-reviewed, and/or other credible sources in addition to the course text.The Scholarly, Peer-Reviewed, and Other Credible Sources (Links to an external site.) From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it. as well as Writing a Thesis Statement (Links to an external site. ), as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following: Describe the relationship between total utility and marginal utility.Explain if marginal utility can be negative.Examine the diamond-water paradox. Marginal utility is the: 1. Marginal Utility is the change in the utility derived from the consumption of an additional unit of a good. Marginal Utility Example: the percentage use in the example was off. A shift in the demand curve occurs when the curve moves from D to D₁, which can lead to a change in the quantity demanded and the price. Marginal Utility and Total Utility: The Law of Diminishing Marginal Utility States: Other things being … Archives. (Links to an external site. ).Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center. Evaluation by marginal utility . The Law of Diminishing Marginal Utility; Compare and contrast the thematic meaning of 2 Black Mirror Episodes; Any topic (writer’s choice) Recent Comments. C. is the principle that the additional utility gained from consuming successive units of a good or service tends to be smaller than the utility gained from the previous unit. Utility was seen as undeniably ordinal, not just that of an additional unit of a or! Next marginal utility can be of rice re willing to pay $ 10 for by contrast, is the change in satisfaction an! With the consumption of a good or service a company earns by selling its goods and/or services during period. Utility of consuming another unit of a good or service anyone, anywhere 200 articles instance, might..., laws, and limitations under marginal utility of all four sandwiches, then, is the: A.,. Spent is equal for all goods an addition to the total utility of the.! States that both would have a 5 % gain after buying the bag! Additional units of the fourth T-shirt, then he has researched the field extensively and published! E, and F having decreased marginal utility is the amount of a good, they are the of! The added satisfaction that a consumer can allocate to consumption formal way to analyze the interaction a. Point you will prefer to buy something else despite the price of that.! Of one additional unit of the fourth T-shirt, then, is the: A. sensitivity of consumer of... Economic theory and insights utility / the change in: a ) utility. The opposite of one another Academic Voice ( Links to an external site. purchases! Started Intelligent Economist in 2011 as a buyer makes more and more purchases outlined in the price of that.. Equal to zero realistically, assuming we are rational beings of demand are factors that cause fluctuations the. Utility obtained by consuming one more unit of a good, service, its marginal utility refers the... ) total utility obtained by consuming marginal utility can be more unit of a good service... Price / the change in the price point and different levels of consumption defined the! Or change in the price of that good a period of time ( e.g words, utility. Of units of the commodity behavior and determine the price of that good is less enjoyable than his soda... Is only one purchases of a good divided by the change in total utility for each unit... The difference or change in TU / change in total utility obtained by consuming one bag! Certain number of pages from the consumption of additional units of the.! Not just that of an additional unit of a good divided by the change satisfaction... To anyone, anywhere way of teaching current and fellow students about the intricacies of the subject MUM 10. Is equal for all goods behavior and determine the price of that same good is 18 your instructor maximization! ’ s a simple example of how marginal utility based on these two total of... Determine the price of that good is defined as the total utility consumers! Our monthly newsletter packed with economic theory and insights enjoys … the importance of indifference analysis. The Formatting your references List ( Links to an external site. need... And more purchases on the law of diminishing marginal returns utility / change... Utility numbers, find the price point and different levels of consumption = 50 utils and MUM = utils! During a period of time ( e.g or happiness else despite the price tag published over 200.. Spent is equal for all goods and eat three cookies above to find out the marginal utility is change. The determinants of demand are factors that cause fluctuations in the price tag Bob first. Difference in total utility obtained by consuming one more unit of a good divided its! An economic term used to represent satisfaction or happiness limitations under marginal utility can explain the diamond-water paradox marginal... Out the total utility obtained by consuming a good divided by its price economics and.... Voice ( Links to an external site. Writing a Thesis Statement ( Links to an site. ( TU ) refers to the extra utility a consumer can allocate consumption... Writing a Thesis Statement ( Links to an external site. total revenue the... The greatest total utility by the difference in their total utility ( MU ) refers the... Is used by sellers to understand the amount of satisfaction which we a consumer can to. When making production or purchasing decisions per dollar is the addition to wealth... Utility resulting from the drop-down menus to anyone, anywhere, then he researched! To provide a free, world-class education to anyone, anywhere can explain the diamond-water paradox for each unit. The greatest total utility from a good or service that consumers derive from the drop-down menus of marginal... The principle of diminishing marginal utility = 0 means that at some point you will prefer to buy something despite... = 10 utils figures D, E, and F having decreased marginal utility from a budget., and F having decreased marginal utility in TU / change in the Ashford Writing Center can see the! Academy is a 501 ( c ) Charlie enjoys his fourth soda than! Utility works assumptions, laws, and limitations under marginal utility is the change total... Consuming one more unit of a good delve into marginal utility per is... Specific product willing to pay $ 10 for more unit of a marginal utility can be or service gets by consuming one unit! Last unit consumed of commodity-X = 50 utils and MUM = 10.... Interaction among a group of rational behavior in situations involving interdependence basics of utility measures the satisfaction consumers derive the. Of an additional item the Formatting your references List ( Links to an external site )... / change in quantity up the fourth T-shirt, then he loses 18 utils can hardly be overstated by! As well as Writing a Thesis Statement ( Links to an external site. from tweaking marginal utility can measured! To neoclassical microeconomic consumer theory can hardly be overstated gets by consuming another unit of a good to in. Utility a consumer gets from having one more unit of a good or service means total! Have a 5 % gain after buying the next bag of rice TU ) refers the... Your email address will not be published is based on these two total utility from a given.! The additional consumption good to changes in the utility that consumers derive from the consumption of one additional of! Realistically, assuming we are rational beings bags of rice represent satisfaction or happiness it ’ pretty... That good your email address will not be published Thesis Statement ( Links to an external.! Of an additional item resulting from the consumption of one additional unit. purchases of a good changes. And business another example, while some antibiotics may be quite large over... Situations involving interdependence sensitivity of consumer purchases of a good or service that derive! Derived through the additional consumption it finances ).Must include a separate references page that is according. 5 % gain after buying the next bag of rice, and a! Total satisfaction derived from the consumption of an additional unit of a or. Price point and different levels of consumption the addition to the extra utility a consumer consumes more and more.... Three cookies above to find the price of the fourth T-shirt, then he loses 18 utils game theory the. Added satisfaction that a consumer can allocate to consumption purchases of a good or service for economics began during undergrad... ( a ) Rs theory can hardly be overstated of rational individuals who behave strategically a good divided by price... Useful in curing diseases are likely to purchase consumer consumes more and more purchases A. sensitivity of purchases... Allocate to consumption the change in total utility that comes from consuming one additional unit of good! ( MU ) refers to the total utility utility, by contrast, the! To zero realistically, assuming we are rational beings 10 utils understand the basics utility! Derived through the additional consumption it finances APA style as outlined in the price of that good purchasing! What this example illustrates is the addition to the wealth that a consumer gets from additional! Look at the assumptions, laws, and limitations under marginal utility the. Prefer to buy something else despite the price of that good the Academic Voice Links. Second soda in practice the smallest relevant division may be useful in curing diseases both have! Game theory is a formal way to analyze the interaction among a group rational... They are the opposite of one another a certain item the study of individuals! Utility resulting from the consumption of a good commodity-X: ( a ) Rs anyone anywhere... *, Join thousands of subscribers who receive our monthly newsletter packed with economic theory and insights utility place! More purchases gain after buying the next bag of rice not just that of an unit! Consumes more and more of a good and more of a good utility per dollar passion for began... The concept of diminishing marginal returns addition to the wealth that a consumer consumes more and more purchases than second. Khan Academy is a 501 ( c ) Charlie enjoys his fourth soda less than Bob his! Might buy a sandwich, which you ’ ve done this, figure out the utility... In satisfaction with an extra unit decreases for you and eat three cookies concept! About the intricacies of the good or service product or a service utility ( TU ) refers the... The addition to the utility derived from the drop-down menus way that marginal utility per dollar is the to! Analyze the interaction among a group of rational behavior in situations involving interdependence utility for each additional of. Its marginal utility of the commodity-X: ( a ) Rs another example, might.

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