Question

“The Best Things in Life are Free” is a phrase used a lot. It’s found in many speeches, there are numerous articles in magazines and online titled “The Best Things in Life are Free,” The Best Things in Life are Free was a 1956 American musical movie, and “The Best Things in Life are Free” was a 1992 Grammy-nominated song recorded by Luther Vandross and Janet Jackson. Make sense of the statement, “The Best Things in Life are Free” by applying what you have learned about the marginal and total values. (2)

Answer 1

The BEST THINGS IN LIFE ARE FREE, simply means that to utilize the best things in life, there is no need for money. There are things that give more and more satisfaction or utility to an individual without any money incurred. The marginal cost concept is that the margins can be added to calculate the total. That means that the marginal utilities can be summed up to calculate the total utility of a person.

Now, things that are best and can only be obtained free of cost might be hugs, families, friends, love, memories, laughter, sleep, smiles, and also the feeling of affection. These things and many other things are like marginal utilities, and these are adding up to give the total utility, which is way more than the utility gained by the consumption of the money.

Now, the basic concept here about the marginal and total utility is that the small and small happiness and joys can be accumulated and result in a big total utility that is a big total value from all those values. Therefore, it is said that the best things in life are obtained free of cost and emotions are used to obtain them.

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