I am going to be answering for the first question out of the 3:

Provide an example for the concept of 'Diminishing marginal utility'.

An example provided for the concept, of "Diminishing Marginal Utility" is being described using
"units" and a famous chocolate brand, KitKat: Do you remember Biting into a KitKat for the first
time? Or any sort of chocolate which had the perfect flavor of coco and sugar sweetness. The
first bite is always the best. Whether it be a chocolate, a burger, or any delicious food item. But
then, once you start to finish your mouth-watering food item the value or instant emotion you got
from the first bit you took Vs. the 9th time you took a bit from that KitKat or any other food
item; the value or satisfaction you got would be decreased from the first bite that you would have
taken out of that food item. Your personal value of first eating this chocolate would be high. But
then, after eating many pieces of this chocolate, your value or interest would start to decrease. To
go into detail, let's call the satisfaction rate from 10 units to 1 unit. With 10 units being the
highest, and 1 unit being the lowest. Now, using the same examples of consuming the Chocolates
"KitKat." He/she received definitely 10 units of satisfaction from the first bite that he/she has
taken. By the time he/she has finished through 1 whole piece of KitKat, he/she would have
received 4-7 units of satisfaction from the last bit he/she took of the KitKat chocolate. 

This would explain the “Diminishing Marginal Utility.” Where the Marginal Utility is the
famous, well – known Chocolate, “KitKat,” and it is “diminishing” every time he/she takes a bite
out of the Chocolate bar. With the value of the taste for the person decreasing. This part
representing the “marginal utility.”