Assume that a consumer is currently maximizing satisfaction and attending both movies and basketball games. If the price of movies decreases, what will happen to the marginal utilities of movies and of basketball games once the consumer adjusts to the new price of movies?

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06-02-2020
Business

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Assume that a consumer is currently maximizing satisfaction and attending both movies and basketball games. If the price of movies decreases, what will happen to the marginal utilities of movies and of basketball games once the consumer adjusts to the new price of movies?

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BenitoMarin BenitoMarin · Answer 1 · 2020-02-07T00:29:28+01:00

Answer and explanation:

Marginal Utility refers to the benefit or satisfaction obtained from consuming one more unit of a good or service. In economics, something has utility if it satisfies any consumer want or needs whether for usefulness or pleasure. It is a subjective term.

Thus, if the price of ticket movies decreases, its marginal utility will decrease and the marginal utility of tickets for basketball games will increase.