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Suppose that you wanted to measure the marginal utility of a commodity to a consumer by directly determining the consumer’s psychological attitude or strength of feeling toward the commodity rather than by seeing how much money the consumer would give up for the commodity. Why would you find it difficult to make such a psychological measurement?

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 5, Problem 2DQ
Textbook Problem
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Suppose that you wanted to measure the marginal utility of a commodity to a consumer by directly determining the consumer’s psychological attitude or strength of feeling toward the commodity rather than by seeing how much money the consumer would give up for the commodity. Why would you find it difficult to make such a psychological measurement?

To determine

The reason behind marginal utility of a commodity being measured in monetary term.

Explanation of Solution

The term total utility and marginal utility define the consumer's willingness to pay with money for the commodity, not in some unobservable or imaginary psychological units. As a psychology behind human behavior is different for everyone and it is based on several circumstances...

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