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Question
What Is the Relationship Between Total Utility and Marginal Utility?
What Is the Relationship Between Total Utility and Marginal Utility?
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Solution
Total utility is the aggregate of all the utility that is derived from the consumption of all units of the commodity, while the marginal utility is the additional utility that is obtained from the consumption of an additional unit of that commodity.
Therefore, we can say that the relationship between total utility and marginal utility is that total utility is the summation of the marginal utility.
Also read:
- Total Product Average Product and Marginal Product
- Difference Between Total Utility and Marginal Utility
- Consumer Equilibrium Utility Analysis
- Difference Between Cardinal and Ordinal Utility Study Material
Learn about more questions and answers on business studies and various other commerce topics from our website.
Total utility is the aggregate of all the utility that is derived from the consumption of all units of the commodity, while the marginal utility is the additional utility that is obtained from the consumption of an additional unit of that commodity.
Therefore, we can say that the relationship between total utility and marginal utility is that total utility is the summation of the marginal utility.
Also read:
- Total Product Average Product and Marginal Product
- Difference Between Total Utility and Marginal Utility
- Consumer Equilibrium Utility Analysis
- Difference Between Cardinal and Ordinal Utility Study Material
Learn about more questions and answers on business studies and various other commerce topics from our website.
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