Utility Answers
Definition: Utility is a measure of the satisfaction derived from consumption of a good and service.
Example: The utility of food is very high.
1. Candy, because the child has more satisfaction from consuming the candy over the broccoli.
2. Decreases; diminishing marginal utility effect.
3. The first candy bar would give you the most satisfaction and thus would have more utils.
Definition: Utility is a measure of the satisfaction derived from consumption of a good and service.
Example: The utility of food is very high.
1. Candy, because the child has more satisfaction from consuming the candy over the broccoli.
2. Decreases; diminishing marginal utility effect.
3. The first candy bar would give you the most satisfaction and thus would have more utils.