Explain the relationship between total utility and marginal utility?

Answer 1

Total Utility can mean the total amount of satisfaction gained from the purchase or consumption of a product.

Marginal Utility is the amount of satisfaction gained from purchasing or consuming more of the same product.

For Example:

If you purchased two slices of Pizza, Your total utility would be the satisfaction you receive from consuming both slices. Your marginal utility would be the satisfaction you gained consuming an additional slice (i.e. The difference between consuming two slices versus one slice)

Typically your marginal utility decreases as your consumption increases.

For Example:

If you have eight pizzas, one extra slice is not likely to bring you as much satisfaction as a second slice would if you only had one slice of pizza (as opposed to eight pizzas).

Answer 2

Relationship of total and marginal utility- 1.when total utility increases,marginal also increases. 2.when total utility is at it`s maximum point,marginal becmes zero. 3.when total utility starts declning,marginal becomes negative.

Answer 3

Marginal utility is the utility by taking one more item of unit while total utility is the overall utility of taking all units of items:

For example:

if person a drinks 1 glass of water thirst end 10 while taking second glass of water thirst end 5, so marginal utility of first glass is 10 and second glass is 5 while total utility of both glasses is 15

Answer 4

Total utility is the utility acheived by using all units of product while marginal utility is the difference of utility from first unit of produc to second unit of product.

Example:

for example when you drink first glass of water you diminish 50% of your thirst but when you drink second glass of water you diminish 40% of your thirst. So by using 2 glasses of water your total utility is 90% while marginal utility is reduced from 50% to 40%.

Answer 5

The price of gasoline paid by consumers rises to $2.75.

Answer 6

Marginal Utility is the derivative of Total Utility

Answer 7

Total utility is the total overall benefit from use of any product while marginal utility is the difference of utility between use of each unit of product.

Answer 8

Total utility is the total utility of usage of product while marginal utility is the difference between utility for first unit of use and next unit of use.

Answer 9

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