“Understanding Diminishing Marginal Utility and Its Impact on Consumption Decisions” In economics, the law of diminishing marginal utility states that as a person consumes more of a product, the satisfaction or utility derived from each additional unit decreases. In other

Write at least a 300 word discussion post utilizing the following guidlines and standards
In chapter 2 section 1 (2.1) the idea of diminishing marginal utility is explained.  In this week’s discussion, first, clarify what diminishing marginal utility means.  Next, identify a situation where you have experienced diminishing marginal utility.  What impact does the price of goods or services have on your consumption decision?  Remember to use the appropriate economic concepts and terminology that are applicable to your answer.
Your post must be approximately 300 words (please see Expectations for Discussion Posts referenced in attached photo