Statement related to total utility
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To find total utility economists use the following basic total utility formula:
TU = U1 + MU2 + MU3 …
TU = Total Utility
U = Utility
MU = Marginal Utility
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.
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