Question

how are marginal utility and total utility related?​

Answer 1

In economics, utility refers to the amount of satisfaction that a consumer gains from a particular good or service. Total utility refers to the complete amount of satisfaction gained. Marginal utility refers to the satisfaction gained from an extra unit consumed.

Answer 2

Answer:

The answer is:

Explanation:

In economics, utility refers to the amount of satisfaction that a consumer gains from a particular good or service.Total utility refers to the complete amount of satisfaction gained. Marginal utility refers to the satisfaction gained from an extra unit consumed.

Some important points are:

⦿Total utility refers to the complete amount of satisfaction gained.

⦿Marginal utility refers to the satisfaction gained from an extra unit consumed.

⦿If the marginal utility of the last item is positive – then total utility will be increasing

⦿If the marginal utility of the last consumption is negative – total utility will be falling

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