New to Sophia?
Students will examine the concept of diminishing marginal utility and how consumers will choose a consumption bundle that maximizes their marginal utility per dollar.
Sophia college courses cost up to 80% less than traditional courses*. Start a free trial now.
1. What is the concept of Diminishing Marginal Utility?
2. Describe what marginal utility and marginal utility per dollar calculate.
3. Understand what a consumption bundle is and how to calculate it.