What is the relationship between utility and marginal utility ?
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Answered by
2
Answer:
Utility or total utility (TU) refers to the amount of total satisfaction a person gets from the consumption of a certain item. Marginal Utility (MU) refers to the extra utility a consumer gets from one additional unit of a specific product.
Answered by
1
Answer:
TU - The amount of total satisfaction a person gets from consumption of some
items.
MU - The extra utility a consumer gets from one additional unit of a specific
product.
Explanation:
Utility or total utility (TU) refers to the amount of total satisfaction a person gets from consumption of a certain item. Marginal Utility (MU) refers to the extra utility a consumer gets from one additional unit of a specific product.
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