Marginal utility in economics refers to the satisfaction derived by a consumer from using one more unit of a product. In business and economics, the idea is used to determine how much of a product the consumers consume before they can’t consume it anymore. Marginal utility helps in determining the volumes of product needed to be produced and in turn, may determine the profitability of the entire production.
Peter Singer used the same concept to explain and suggest solutions to social issues. According to him, marginal utility refers to efforts by individuals to help alleviate other peoples’ suffering before any such efforts become retrogressive and start causing suffering to the individual helping. He suggests that rich nations have the capacity to help the poorer nation by providing enough assistance to stop or minimize their suffering. However, he suggests that such decisions to help are faced with serious challenges, starting at the individual level.
To give to the point of...
(The entire section contains 2 answers and 581 words.)