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Why utility is subjective in total utility and marginal utility?
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When total utility is at its maximum where is marginal utility?
marginal utility is zero
When total utility increases marginal utility is?
marginal utility decreases
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.
When total utility is at a maximum marginal utility is ..?
at zero
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
Can marginal utility be negative?
Yes. Some objects and activities can generate negative marginal utility and lower total utility. For example, polluted air.
Why does marginal utility decrease?
Law of diminishing marginal utility states that equal additions to a good provide smaller and smaller increases in total utility, therefore marginal utility decreases. Lets use apples for an example. The first apple is very satisfying and adds a lot of utility, say 100 total utility. If you have a second apple, it is less satisfying, and adds 80 to make 180 total utility. A third apple adds only 50 utility, to make 230 total. Total utility is increasing at a decreasing rate. Therefore, the marginal utility (satisfaction) between each apple is decreasing, which illustrates the law of diminishing marginal utility.
If marginal utility is positive but diminishing then?
Total utility increases at a diminishing rate
What are differences between marginal utility and total utility?
Topic Marginal Utility Total Utility 1. Definition Marginal utility is the extra satisfaction which a consumer gets from consuming additional units of goods. Total utility is the sum of total satisfaction of a consumer derives from consumption of a particular good. 2. Feature It can be negative. It can't be negative. 3. Sloping It is downward sloping. It is upward sloping.
