Marginal utility is a very managed concept in the economic sphere, it is defined as the value that an economic agent gives to a good, for each additional product of it that is produced. It is called marginal because as the units are increased, the lower the utility granted, while when the number of units available is less, then the greater the utility granted by the consumer.
It can be said then that the marginal utility is the one that cooperates with the determination of the price of the products, this happens because when a good is abundant, prices are generally low, but if a good is scarce its price will be high. An example is the case of gasoline in Venezuela, there gasoline is cheap, while in countries like the United States gasoline is very expensive.
According to the law of diminishing marginal returns, the reduction of the marginal unit of a good occurs when the consumption of that good increases. This law is demonstrable empirically since it is derived from human thought and its form of action. For example: if an individual is thirsty, when he takes the first glass of water, he will feel very satisfied, in this case the marginal utility of that glass of water will be high. The second glass of water provides utility but not in the same way as the first, this indicates that the utility will be positive, but lower than that of the first glass of water, since the individual will not be as thirsty as before the first glass.
