Replies to two forums for my class. 100+ words each. See attachment for the full forum detailsClassmate 1: veneisa German
The first of all let’s start by explaining some terms: The utility is the satisfaction a person gets/derive after consuming a given product. then when we think utility we can say about total utility which is total satisfaction a person derive after consuming a given product and we can say about satisfaction derived/obtained after consuming extra unit of a given product (marginal utility). And we can talk about satiety/ bliss point which is the point where marginal utility is zero and total Utility is at maximum level this means that at satiety/bliss point, it is the point where consumer is full satisfied. When the consumers continue to consume additional units after bliss/satiety point, the marginal utility start declining in negative values.
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