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Economics explained
Category:
Behavioral economics
Total Utility Curve
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When you look at these numbers, you notice that the extra utility each additional slice brings is decreasing:
First slice:
Total utility increases by 8 utils, from 0 to 8 utils.
Second slice:
The increase is only 6 utils; total utility increases from 8 utils to 14 utils.
Third slice:
Total utility increases only 4 utils, from 14 to 18.
Sixth slice:
Total utility actually goes down, because slice number five can make even the most rabid pizza lover feel a little sick. This decrease in total utility implies that marginal utility must be negative for slice six.
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