If a consumer experiences diminishing marginal utility, how might the price elasticity of demand for a good be affected if the price increases?

Diminishing marginal utility means that as a person consumes more of a good, the additional satisfaction they get from each extra unit decreases. When the price of a good increases, consumers may feel that the extra satisfaction they get from buying more is not worth the higher price, leading them to buy less. This decrease in quantity demanded shows that the demand for the good is elastic, meaning that consumers are sensitive to price changes. For example, if someone loves pizza but finds that each additional slice gives them less happiness, they might decide to buy only one slice instead of two if the price goes up. Therefore, when prices rise, the demand for goods with diminishing marginal utility tends to drop more significantly.