Final answer:
The marginal utility from drinking a cup of coffee for Michael depends on his individual preferences and the quantity of coffee consumed. Marginal utility refers to the additional satisfaction or benefit gained from consuming one additional unit of a good or service.
Step-by-step explanation:
The marginal utility from drinking a cup of coffee for Michael depends on his individual preferences and the quantity of coffee consumed. Marginal utility refers to the additional satisfaction or benefit gained from consuming one additional unit of a good or service.
For example, let's say that Michael consumes his first cup of coffee and experiences a high level of satisfaction from it. The marginal utility from this first cup might be quite high. However, as he continues to drink more cups of coffee, the marginal utility will start to decrease. This is because the additional satisfaction gained from each cup of coffee consumed tends to diminish.
In other words, Michael might find that the first cup of coffee provides the most enjoyment and satisfaction, while subsequent cups provide less and less additional satisfaction. This diminishing marginal utility is a common concept in economics and helps explain why people don't continue to consume infinite quantities of a good or service.