Question

(i) Explain the nature of
Total Utility Curve. (2)
(ii) Explain the concept of Point of Satiety with reference to the diagram. (2​

Answer 1

Answer:

1) TOTAL UTILITY CURVE: A curve illustrating the relation between the total utility obtained from consuming a good and the quantity of the good consumed.

2) In economics, the point of satiety is defined as the point when the marginal utility of any activity is zero. From this point on, the marginal utility actually turns negative. Expressed differently, the point of satiety reflects that point when the total utility has been maximized. From here on, the total utility actually reduces. Every extra effort leads to negative returns.

Answer 2

Explanation:

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