Mention the relationship between marginal utility and total utility.
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these are the relation
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Each and every commodity possesses utility for a consumer.
Whenever a consumer is on his way to consume units of a commodity in a continuous manner, the marginal utility derived from successive units carries on falling at a constant rate.
Other factors are held at a constant rate.
There is a difference between total utility and marginal utility.
The former is all about total psychological satisfaction that is derived by a consumer from constant consumption of commodity.
Marginal utility is the addition of commodity along with additional unit consumed.
Whenever a consumer is on his way to consume units of a commodity in a continuous manner, the marginal utility derived from successive units carries on falling at a constant rate.
Other factors are held at a constant rate.
There is a difference between total utility and marginal utility.
The former is all about total psychological satisfaction that is derived by a consumer from constant consumption of commodity.
Marginal utility is the addition of commodity along with additional unit consumed.
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