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GB/540 GB540 GB 540 Unit 3 Discussion 2

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GB 540 Unit 3 Discussion 2 Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or service. Marginal utility refers to the additional satisfaction a consumer gets from an additional unit of a good or service she/he consumes during a given period of time. The law of diminishing marginal utility states that as a consumer consumes more and more units of a specific good or service, the additional utility the consumer derives from the successive units keep on diminishing (declining) over time. Diminishing marginal utility explains a lot about consumer behavior in the economy. Select a specific consumer behavior and construct a “mini case study” that highlights the workings of marginal utility and how it affects the consumption pattern. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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