16 The Total Utility schedule of individual A is
given below. Derive his Marginal Utility
schedule.
Units consumed
0
1
2
3
4
01
Total Utility
0
16
29
41
52
62
Answers
Answered by
1
Answer:
To find total utility economists use the following basic total utility formula: TU = U1 + MU2 + MU3 … The total utility is equal to the sum of utils gained from each unit of consumption. In the equation, each unit of consumption is expected to have slightly less utility as more units are consumed.
......
Similar questions