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What is Understanding Utility Maximization in Consumer Behavior about?

Consumer behavior is driven by utility maximization. Utility is the satisfaction obtained from consuming goods and services, and is subjective. According to utility theory, consumers seek to maximize their total utility given their budget constraint. Total utility increases with consumption but at a decreasing rate, while marginal utility is the additional satisfaction from consuming one more unit, which decreases with increasing consumption as satisfaction reaches a saturation point.

Author

Sayam Siddique Supto

Language

EN