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Introduction- Taking the concepts of value chain management from the corporate world and applying them to my own life has shown to be both useful and applicable. There is always room for improvement...

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Introduction- Taking the concepts of value chain

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On entering a new era of prosperity after World War I, average Americans could enjoy different facilities like buying automobiles. There was a noticeable growth in the suburbs, people started recogniz...

Week 8 Discussion Forum
Week 8 Discussion Forum

On entering a new era of prosperity after World Wa

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Terrorism is a threat to national security, necessitating the need to empower all the law enforcement apparatus in the United States and the world to use all disposable means to keep the public safe....

Week 7 Written Assignment
Week 7 Written Assignment

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Photo Essay 2

Photo Essay 2

Q ECO 2023 Instructor: Photo Essay 2 Due Date: We talked about The Law of Diminishing Marginal Utility, which can explain a number of interesting real-world situations. Please pick one example from your daily life and explain it briefly. Please do not use the examples in the lecture notes! You can take photos by yourself or use pictures from the internet. If you use someone else’s pictures, please include the link. Under each photo, please explain in two to four sentences why you picked this photo. Photo Essay 2 is worth 5 points. No late submission will be accepted without a documented excuse. You must combine everything into one file (Word, PDF, or Excel). You cannot upload photos directly to Canvas. Thank you! Example: Unlimited minutes on cell phone plans Source: http://images.macworld.com/images/article/2011/10/familyvoiceplans-256916.png Explanation: Cell phone companies rely on the diminishing marginal utility of conversation. They offer “unlimited” plans because they know that consumers will not stay on their phones indefinitely.

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Law of diminishing marginal utility presented by Alfred Marshall. According to this law, the consumer satisfaction level declines after consuming the same commodity simultaneously. Link: https://www.marketing91.com/diminishing-marginal-utility/ I take the example of pizza because I am a pizza lover. But I can only eat a maximum of 3 slices of pizza at a time despite having a great love and hunger. The first piece gives me immense satisfaction. The 2nd provides reduction, and I feel there is some issue in the taste, and it is not like the previous time I eat. While taking third, I thought that pizza has no salt or less salt and has no cheese. Actually, my tummy is full, and I can’t eat more, so I feel it is less tasty.