Can Somone explain Marginal Utility

#1 10-26-2005, 10:30 PM

I got a C on my econ midterm. I have always sucked at economics, but if I had gotten the problem on MU correct, I could have gotten a B. I can't link the problem, its on Adobe Photoshop. So if someone could explain the basic concepts, I would be grateful.

Paluka · #2 10-26-2005, 10:31 PM

Marginal utility is how much x+1 thing pleases you more than just having x things. Marginal utility is not constant for all x, and usually diminishes as x grows larger.

#3 10-26-2005, 10:47 PM

ask your professor. you'll learn, and maybe get a better grade on your exam

handsome · #4 10-26-2005, 10:51 PM

First of all, utility is basically another word for happiness. "Marginal" refers to the change of having additional units of something, whether it's utility, benefit or cost. You definitely need to get this down quick if you plan on taking other econ classes.

i.e. Let's say you derive 10 units of utility from one hamburger. The first hamburger is usually the best because it satisfies your initial hunger. But if you eat two hamburgers, you derive 16 units of utility. The difference between the two (6 units of utility) is the marginal utility of the second hamburger. I hope you get this. Good luck

deacsoft · #5 10-26-2005, 11:01 PM

MU=^U/Q^~=dU/dQ

Patrick del Poker Grande · #6 10-27-2005, 10:38 AM

You haven't read TPFAP?

jakethebake · #7 10-27-2005, 10:39 AM

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Can Somone explain Marginal Utility

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Your prof or TA probably can.

xadrez · #8 10-27-2005, 10:51 AM

Can someone elucidate [censored]'s marginal utility in banning dumb homework posters?

Patrick del Poker Grande · #9 10-27-2005, 10:53 AM

[ QUOTE ]
Can someone elucidate [censored]'s marginal utility in banning dumb homework posters?

[/ QUOTE ]
The problem here isn't the content so much as the lack of bonus content.

#10 10-27-2005, 11:30 AM

A dollar is worth more to a bum than to Bill Gates.