Understanding Utility Concepts

What is the measure of satisfaction or happiness derived from consuming a good or service?

What does the Law of Diminishing Marginal Utility state?

What is the Equi-marginal Principle?

How does the law of diminishing marginal utility explain the downward slope of the demand curve?

What is the implication of the equimarginal principle for consumer choice?

How does Black Friday illustrate the concepts of utility?

What are the limitations of Marginal Utility Theory?

How does consumer behavior on Black Friday deviate from rational utility maximization?

What role does the equimarginal principle play in consumer spending during Black Friday?

How does the responsiveness of demand to lower prices on Black Friday relate to marginal utility theory?