Many museums offer free admission one day a week, on a weekday. We observe that museum goers are more likely to be senior citizens on that day than on a typical Saturday. Why

Answer and explanation:

Utility describes the degree of satisfaction individuals have by consuming certain goods or services. The greater the satisfaction, the more utility it will represent for the consumer. However, at a certain point, the joy of continuing consuming the goods or services could decrease which is explained by the law of diminishing utility.

Thus, in the example, senior citizens' utility of enjoying the free admission to the museum should be higher because their income is lower than adults who can pay for the entrance. After all, it is likely to be inexpensive for them.

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