Utility Theory
Economists observe the more pleasure a product provides, the higher the price we’re willing to pay for it.
Total vs. Marginal Utility
Definition: Utility – The pleasure or satisfaction obtained from a good or service.
There is an important distinction between total utility and marginal utility:
Definition: Total Utility – The amount of satisfaction obtained from entire consumption of a product.
Definition: Marginal Utility – The change in total utility obtained by consuming one additional (marginal) unit of a good or service.
Question to be Answered: Given the definitions above, what is contributing to the great numbers of people who chose not go back to working their previous job after the quarantine?
Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount