Question

explain equi marginal utility and effects of income change on it?​

Answer 1

Answer:

• The marginal utility of income is the change in utility, or satisfaction, resulting from a change in an individual's income.

• In a modern economy, individuals trade away their incomes in order to satisfy their wants and remove discomforts, and they do this by buying food, clothing, shelter, entertainment, etc.

Effects :

• The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines.

• Marginal utility is derived as the change in utility as an additional unit is consumed.

• Utility is an economic term used to represent satisfaction or happiness.

Answer 2

Explanation:

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