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How do you calculate total utility?
Total utility(TU)= Average utility multiplied by quantity consumed.
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.
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
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?
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.
How does marginal utility explain the paradox of value?
The paradox of value is explained by the concept of marginal utility, which states that the value of a good is determined by its marginal utility rather than its total utility. For example, water has a high total utility as it is essential for life, but its marginal utility is low because in most situations there is an abundance of water. Conversely, diamonds have a low total utility but a high marginal utility due to their scarcity, leading to a higher market value despite their limited practical use.
How do you calculate total utility?
Total utility(TU)= Average utility multiplied by quantity consumed.
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.
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
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?
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 its maximum where is marginal utility?
marginal utility is zero
When total utility increases marginal utility is?
marginal utility decreases
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.
When total utility is at a maximum marginal utility is ..?
at zero
When total utility is falling?
Total utility is falling when the additional satisfaction or benefit derived from consuming an additional unit of a good or service decreases to the point where it becomes negative. This typically occurs when a consumer has consumed beyond their optimal level, leading to diminishing marginal utility. As a result, the overall satisfaction decreases, indicating that the consumer may need to reduce consumption to maximize their total utility.
What is total utilitymarginal utility d low of diminishing marginal utility and draw the thoeretical mathematical diagramatically relationship between total and marginal utility?
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