Andy and April are throwing a Halloween party at their house and start listing off all the things they need to throw a great party. The output is a great party and the inputs are a variety of different items.
See more: complements, inputs, outputs, preferences, production function, utility
Ron and Leslie ponder why people would eat anything other than breakfast. While they understand their own utility functions, they struggle to understand others.
See more: intrinsic value, preference ranking, preferences, subjective value, utility, utility maximization
Chris isn’t feeling so well, so Ann tries to cheer him up with shrimp. Diminishing utility kicks in as Chris realizes the second shrimp isn’t as tasty as the first.
Credit: Caitlin Lee (@_caitlinnlee)
See more: diminishing returns, utility