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Briefly discuss the problem with the unit-level approach to cost estimation and discuss some of the errors that may occur.
Diminishing Marginal Utility
A principle stating that as a person consumes more of a good, the additional satisfaction or utility from consuming an additional unit decreases.
Total Utility
The total satisfaction received from consuming a particular quantity of goods or services.
Marginal Utility
The added satisfaction a consumer gets from having one more unit of a good or service.
Diminishing Marginal Utility
A principle in economics that posits an individual gains less satisfaction from consuming each additional unit of the same product or service.
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