Explain briefly. a)Marginal utility theory and indifference curves analysis.?

Question

answer should base on micro economics

Answer 1

Marginal utility is the utility you receive by consumption of one more unit of something, whether it be diamonds or hamburgers or sodas. It is noted that the first unit consumed generally provides the highest utility, with utility falling for each following unit. This concept is known as diminishing marginal utility.

Now, to the concept of the indifference curves. Indifference curves are drawn on the graph, and they generally have the round part pointing to the origin. An indifference curve represents a certain level of utility. At every point on a single indifference curve, the utility is the same. It is a curve because of the concept of diminishing marginal utility. Consuming less of one good will allow more consumption of another good which may provide a little more utility. There is only one indifference curve for any given utility.

On a graph, usually you have a budget constraint, which is a line that indicates the possible baskets of goods you can purchase. To determine the optimal basket, you couple this with the indifference curves. The indifference curve that is tangent (touches, but does not cross over) to the budget constraint will provide you with maximum utility. The point at which it touches will be the basket that will give you this utility.

Hope that helps.

Answer 2

Explain Marginal Utility

Answer 3

the marginal utility means tat every unit consumed give you satisfaction.but if you continure to consume the utility again and again the level of satisfactoin will decrese:
Example: if you drink a glass of water while u r thirsty the ist glass will give u a high level of satisfaction but the other glass of water wil u take give u less satisfaction.and so on a point will come where u well adverse reaction of such consuption.
This can be sipmly display on graph.The point from where your curve line start going to drop will be the marginal point

Answer 4

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