Suppose you have a limited money income and you are purchasing products a and b, whose prices happen to be the same. to maximize your utility, you should purchase a and b in such amounts that?

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22-07-2022
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Suppose you have a limited money income and you are purchasing products a and b, whose prices happen to be the same. to maximize your utility, you should purchase a and b in such amounts that?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-02T07:06:27+02:00

Suppose if we have a limited money income and we are purchasing products a and b, whose prices happen to be the same. to maximize our utility, we should purchase a and b in such amounts that their marginal utilities are same.

Amount of pleasure or satisfaction which is gained or lost by consumers as a result of the increase or decrease in consumption by one unit of any product is known as the marginal utility of a good or service.

There are three types of marginal utility. They are positive marginal utility, negative marginal utility, or zero marginal utility.

For example, If like eating pizza, the second piece of pizza , more satisfaction will be brought than the satisfaction gained from only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive here.

To know more about marginal utility here:

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