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ECS1501-25-Y Topics 12 -15
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After eating three slices of pizza at a party, James hesitates before taking a fourth. What might be happening here in terms of utility?
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A consumer is in equilibrium if the marginal utility per rand is equal for all products he or she can afford to buy.
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When a marginal value is positive, the corresponding total value increases.
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The aim of the consumer is to reach the maximum level of total utility.
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Weighted marginal utility is the marginal utility per unit divided by the price of the specific product or service.
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Cardinal utility is based on the idea that utility can be measured in some way.
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It is possible to compare one consumer’s level of utility (or satisfaction) with that of another consumer.
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To derive consumer equilibrium, only prices of products should be considered.
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When the total value decreases, the corresponding marginal value is positive.
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