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When total utility is at its maximum where is marginal utility?
marginal utility is zero
Total utility derived from consumption of a commodity by a consumer will be?
Will Be maximum when its marginal utility is Zero.
When total utility increases marginal utility is?
marginal utility decreases
What will be the total utility derived from the consumption of a commodity by a consumer will be if marginal utility is zero?
i don't know the answer. i think it may be minimum or maximum.
If marginal utility is positive will you have total utility increase with additional consumption?
If marginal utility is positive will you have total utility increase with additional consumption?
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
When would the total utility of a good and the marginal utility of a good be the same?
total utility and marginal utility are the same for the first unit of good consumed.
What is Law of Equi-Marginal Utility?
Law of Equi-Marginal Utility explains how a consumer can get maximum satisfaction out of his expenditure on different goods.
What is total and marginal utility?
Total utility is the overall utility achieved by using any product while marginal utility is the increase/decrease in utility from use of one more unit of product.
What is total utilitymarginal utility d low of diminishing marginal utility and draw the thoeretical mathematical diagramatically relationship between total and marginal utility?
23w
Explain the relationship between total utility and marginal utility?
Total Utility can mean the total amount of satisfaction gained from the purchase or consumption of a product. Marginal Utility is the amount of satisfaction gained from purchasing or consuming more of the same product. For Example: If you purchased two slices of Pizza, Your total utility would be the satisfaction you receive from consuming both slices. Your marginal utility would be the satisfaction you gained consuming an additional slice (i.e. The difference between consuming two slices versus one slice) Typically your marginal utility decreases as your consumption increases. For Example: If you have eight pizzas, one extra slice is not likely to bring you as much satisfaction as a second slice would if you only had one slice of pizza (as opposed to eight pizzas).
What is the difference between marginal utility and marginal benefit?
I think this is the answer, based off my textbook, "Microeconomics" by Zupan and Browning. Marginal benefit is the "...maximum amount the consumer would pay for an additional unit" of some good. The height of the demand curve can be interpreted as showing the marginal benefit of some good. Marginal utility is the amount that total utility rises when consumption increases by one unit. For example if total utility for one scoop of ice cream is 10 units and totality utility for the second scoop of ice cream is 15 units, marginal utility measures the difference, 5 units, between the two.
