Your bank is developing a marketing campaign to appeal to new customers. In a meeting, your manager asked the following question: "Do individuals have any other economic responsibility rather than to maximize their own utility?" How would you respond to this question? How might the bank tie in the concept of utility maximization into the campaign?© BrainMass Inc. brainmass.com October 25, 2018, 2:30 am ad1c9bdddf
Utility is often misunderstood outside of economics. There is a belief that it implies selfish behaviour or that somehow it equates to private gain, particularly monetary gain. Utility is any benefit that an individual gains from her or another agent's decision. This can include such a diverse things as buying an apple, contributing to a charity, having children, etc. So to talk about ...
The concept of utility maximization is presented.
Total utility, marginal utility, and utility maximization
Can you please explain the concepts of total utility, marginal utility, and utility maximization.
Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?View Full Posting Details