Posted on Jan 11, 2017
Can the economic law of diminishing marginal utility be applied to social media outlets and the consumption of information? How?
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I realize that this topic is a yawn to many of you. It is somewhat of a yawn to me. Economics in general doesn't usually include the flare and sexy of other topics of discussion. That is, unless you recognize or understand that economists do it best with models.
Economics
Social Media
Research
Information
Law
Edited 8 y ago
Posted 8 y ago
Responses: 2
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The law of unavoidable losses expresses that as one information variable is expanded, there is a point where the minor increment in yield starts to diminish, holding every other info steady. If want to more about it then you need to visit https://www.goszeto.com/ website.
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Yes, absolutely yes. I used social media to drive traffic to my website/weblog and tracked the effectiveness of each medium. There are some stats on my weblog somewhere when I wrote about it. jackdurish.com Check the weblog under the heading "Blogging"
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Impressive stats.
I appreciate your response. The question is posted in generalities. I think it could probably be in any forum, but for each piece of information posted (in other words output) via social media increasing marginal utility occurs for the consumer of that post. At some point the consumer of information gets satiated and may choose an alternative to the producer of information. The consumer begins to experience decreasing marginal utility. An opportunity cost is the cost of the next best alternative choice of goods or services or widgets or whatever.
I appreciate your response. The question is posted in generalities. I think it could probably be in any forum, but for each piece of information posted (in other words output) via social media increasing marginal utility occurs for the consumer of that post. At some point the consumer of information gets satiated and may choose an alternative to the producer of information. The consumer begins to experience decreasing marginal utility. An opportunity cost is the cost of the next best alternative choice of goods or services or widgets or whatever.
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