Marginal Utility; law of supply and demand; equilibrium;surplus (consumer producer)

Question

um...please explain this to me through an example...thanks a lot. that would be all (^_^)...and also explain to me law of diminishing marginal utility; and monopolistic competition with an example, err...that would be all...(^_^) thanks a lot Ü

Answer 1

marginal utility id the change in satisfaction that a person receives after consuming one more unit of a good

if prices rise the producers tend to supply more and the consumers tend to demand less

the price where demand is equal to supply is equilibrium

when consumer buys a good at a lower price than what he had maximumly planned the consumer feels surplus

when producer is able to sell a good at a higher price than what he had minimumly planed the prosucer feels surplus