In case of single commodity-Is Px ( market price Or what he pay or not?Why MUm define by consumer as when MUx/Px is obtained it is consumer expects like 20/4 =5 and 4 is market price (pay)(Px) but get goods of 5 on when he pay 4 so surely he will buy?why MUm define by himself ?In this how many money he have like 2 commodity?4 as of market price or not ?we should let only market price i.e. Px?MUm is what not able to understand by study material?MUx in terms of rupee not same as MUm?
Shivang,
It has been expected from the consumer that he should define the marginal utility of money on his own. This is because whenever consumer buy goods from a rupee, that defined Marginal utility of money will be considered his benchmark reference. For example - suppose 200 gms of rice, 100 gms of chilly powder and 300 gms of flour can be purchased with a rupee and the consumer derives total utility from the consumption of these goods as 20 utils, then marginal utility of money will be 20.
It has been expected from the consumer that he should define the marginal utility of money on his own. This is because whenever consumer buy goods from a rupee, that defined Marginal utility of money will be considered his benchmark reference. For example - suppose 200 gms of rice, 100 gms of chilly powder and 300 gms of flour can be purchased with a rupee and the consumer derives total utility from the consumption of these goods as 20 utils, then marginal utility of money will be 20.