Chapters 3 and 4

Econ chapters 3 & 4
Diminishing marginal utility and marginal benefit are related in how much a good is valued. Marginal benefit is how much one values a good. Something such as a refrigerator, DVD player, or a newspaper, you really only want one of these items and that is diminishing marginal utility and one's marginal benefit of the first refrigerator could be somewhere around 2000 dollars but the benefit of a second would be zero dollars. However, if the marginal benefit of one of these goods were to decrease as an effect of a cause such as the industry standard changing from HD DVD's to Blu-Ray DVD's or a technological defect in refrigerators then one's marginal benefit of this good would decrease causing the entire demand curve for this good to decrease.The demand for these objects are also affected by their elasticity or inelasticity. In the instance of the HD or Blu-Ray DVD player this is an elastic good because it's not something every person needs to purchase. There are other options such as a normal DVD player or no DVD player at all.