Question
In: Economics
The interviewer shares, the fact is that some people will work hard to earn a lot...
The interviewer shares, the fact is that some people will work hard to earn a lot of money while others will be content with much less income, what does this indicate to you?
Solutions
Expert Solution
Each person in this world is different . So one may want to have more money while other may be content with the less amount of money he or she has. . If we look at it from the point of view of Economics, we can say that marginal utility of money is different for them. Utility of money refers to the want satisfying power of money. Marginal utility of money means the additional utility he gets from having one more unit of money.
*If a person is happy with less income. It means that he is not after money. Money doesn't mean much for him.
> This inturn means that he has diminishing marginal utility of money or income. The additional utility he derives from getting one more unit of money income declines with every Increase in the money income he already has.
This is shown in the following diagram. MU represents the marginal utility curve.
* If a person is happy with more income or he wants to earn as much as he can, it implies that he has Increasingly marginal utility of money. The additional utility he derives from getting one more unit of money income increases with every Increase in the money income he already has.
This is shown in the diagram below. MU represents the marginal utility curve
Rahul Sunny answered 8 months agoRelated Solutions
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