Question

Use marginal analysis (the comparison of additional/marginal benefit with additional/marginal cost) to create some examples of your own. Good examples of diminishing returns can be observed from nearly all episodes of the reality TV show "Man v. Food" with Adam Richman or Casey Webb . Find one on the web to use in your essay

Answer 1

Utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

Law of diminishing marginal utility: A consumer is in equilibrium (i.e. maximises his satisfaction) when the marginal utility of the commodity and its price equalize.

According to Marshall, the consumer has diminishing utility for each additional unit of a commodity and therefore, he will be willing to pay only less for each additional unit. A rational consumer will not pay more for lesser satisfaction. He is induced to buy additional units only when the prices are lower.

The operation of diminishing marginal utility and the act of the consumer to equalize the utility of the commodity with its price result in a downward sloping demand curve.

Thus law of diminishing marginal utility applies to every thing so

HERE watching all the episodes of the reality TV show "Man v. Food" with Adam Richman or Casey Webb will also be subject to law of marginal utility

Here first episode will have a lots of exictment and utilty as somethimg new is coming and thus as soon as the show goes on the episodes increases the excitment comes down the satisfaction comes down and the utilty comes and the time comes where the utilty is very low or zero or even negative that we stop watching the show '