Imagine that you sell popcorn at the local football stadium. knowing about diminishing marginal utility, how would you price your popcorn after half-time?

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09-09-2018
Business

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Imagine that you sell popcorn at the local football stadium. knowing about diminishing marginal utility, how would you price your popcorn after half-time?

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pristina pristina · Answer 1 · 2018-09-18T12:44:49+02:00

Answer: Charge a lower price after half-time

Explanation: Law of diminishing marginal utility holds that as the consumer consumes more and more units of a commodity, the incremental satisfaction derived from the successive units begins to fall after a certain point. Thus, as marginal utility begins to fall the persons willingness to pay shall also decline for the successive units. Therefore, the seller must sell the pop-corns at a lower price after half-time.