Marginal utility is the: select one:
a. change in total utility obtained by consuming one more unit of a good.
b. sensitivity of consumer purchases of a good to changes in the price of that good.
c. change in total utility obtained by consuming another unit of a good divided by the change in the price of that good.
d. total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.

Question

02-04-2018
Business

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Marginal utility is the: select one:
a. change in total utility obtained by consuming one more unit of a good.
b. sensitivity of consumer purchases of a good to changes in the price of that good.
c. change in total utility obtained by consuming another unit of a good divided by the change in the price of that good.
d. total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.

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ahmedishaal ahmedishaal · Answer 1 · 2019-04-04T08:03:17+02:00

Marginal utility is the "change in total utility obtained by consuming one more unit of a good".

Marginal utility evaluates the additional satisfaction a customer earns from consuming extra units of products or services. The idea of marginal utility is utilized by economists to decide the amount of a thing buyers are happy to buy. Positive peripheral utility happens when the utilization of an extra thing builds the total utility, while negative marginal utility occurs when the utilization of an extra thing diminishes the total utility.