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Marginal utility curve of a given consumer is also his?
- a)Demand curve
- b)Supply curve
- c)Indifference curve
- d)Total utility curve
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Marginal utility curve of a given consumer is also his?a)Demand curveb...
As the marginal utility of a consumer increases he demands more of a commodity. Therefore, the marginal utility curve derives its shape from demand curve.
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Marginal utility curve of a given consumer is also his?a)Demand curveb...
Marginal utility curve of a given consumer is also his demand curve.
Explanation:
- The concept of marginal utility is an important concept in economics that measures the additional satisfaction or utility gained from consuming an additional unit of a good or service.
- The marginal utility curve represents the relationship between the quantity consumed of a good and the marginal utility derived from consuming each additional unit of the good.
- When a consumer decides to consume more of a particular good, the additional utility or satisfaction derived from each unit consumed tends to decrease. This is known as the law of diminishing marginal utility.
- As a result, the marginal utility curve typically slopes downward from left to right.
- On the other hand, the demand curve represents the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy at a given price.
- The quantity demanded of a good is influenced by factors such as price, income, tastes, and preferences.
- However, the marginal utility that a consumer derives from consuming each additional unit of a good also plays a crucial role in determining the quantity demanded.
- When the price of a good decreases, the consumer's marginal utility per unit of the good increases, leading to a higher quantity demanded.
- Conversely, when the price of a good increases, the consumer's marginal utility per unit of the good decreases, resulting in a lower quantity demanded.
- Therefore, the marginal utility curve of a given consumer can be considered as his demand curve because it shows the quantity of a good that the consumer is willing to buy at different prices, based on the diminishing marginal utility.
In conclusion, the marginal utility curve of a given consumer represents the relationship between the quantity consumed of a good and the marginal utility derived from consuming each additional unit of the good. This curve can be considered as the demand curve because it shows the quantity of the good that the consumer is willing to buy at different prices, based on the diminishing marginal utility.
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