+1 862 207 3288 1. Describe some of the different ways you use water. Which would you give up if the price of water were to rise a little? If it were to rise by a fairly large amount? If it were to rise by a very large amount? 2. Suppose that you wanted to measure the marginal utility of a commodity to a consumer by directly determining the consumer’s psychological attitude or strength of feeling toward the commodity rather than by seeing how much money the consumer would give up for the commodity. Why would you find it difficult to make such a psychological measurement?
