The difference between marginal utility and total utility.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.

Economics Concept Introduction

Total utility: Total utility refers to the total satisfaction derived by a person from the consumption of overall unit of a commodity.

Marginal utility: Marginal utility refers to the additional utility derived by a person from an additional unit of commodity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Explain the difference between marginal utility and total utility

What is marginal utility. Tell me

How to compute Marginal Utility.

Answer 2

Question

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.

Economics Concept Introduction

Total utility: Total utility refers to the total satisfaction derived by a person from the consumption of overall unit of a commodity.

Marginal utility: Marginal utility refers to the additional utility derived by a person from an additional unit of commodity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.

Economics Concept Introduction

Total utility: Total utility refers to the total satisfaction derived by a person from the consumption of overall unit of a commodity.

Marginal utility: Marginal utility refers to the additional utility derived by a person from an additional unit of commodity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.

Economics Concept Introduction

Total utility: Total utility refers to the total satisfaction derived by a person from the consumption of overall unit of a commodity.

Marginal utility: Marginal utility refers to the additional utility derived by a person from an additional unit of commodity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.

Economics Concept Introduction

Total utility: Total utility refers to the total satisfaction derived by a person from the consumption of overall unit of a commodity.

Marginal utility: Marginal utility refers to the additional utility derived by a person from an additional unit of commodity.

Answer 6

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.

Economics Concept Introduction

Total utility: Total utility refers to the total satisfaction derived by a person from the consumption of overall unit of a commodity.

Marginal utility: Marginal utility refers to the additional utility derived by a person from an additional unit of commodity.

Answer 7

Chapter 19, Problem 1QE

To determine

The difference between marginal utility and total utility.

Answer 8

Expert Solution & Answer

Explanation of Solution

Marginal utility refers to the additional unit of fraction derived from the consumption of one or more additional units of goods and services. The total utility refers to the total satisfaction of a person, which derives from the consumption of various units of a commodity.

Marginal utility first rises and then declines due to the working of the law of diminishing marginal utility, which states that as a person goes on consuming more and more units of the same commodity, his satisfaction increases and then starts declining. This is why the marginal utility first rises and then declines.