Question

what is the relation between total utility and marginal utility??​

Answer 1

Answer:

The main difference between total and marginal utility is that total utility refers to the total satisfaction received by the consumer from consuming different units of a commodity while the marginal utility, connotes the additional utility derived from the consumption of the extra unit of a commodity.

Answer 2

Answer:

Utility is the satisfaction that a person derives from the consumption of a good or service. Total utility is the total satisfaction received from consuming a given total quantity of a good or service, while marginal utility is the satisfaction gained from consuming another quantity of a good or service.

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