Asked by Brittany McCord on Jul 09, 2024
Verified
If you consume a product up to the point that your marginal utility becomes negative,your total utility will be ____.
Total Utility
The overall satisfaction or value a consumer receives from consuming a particular quantity of a good or service.
Marginal Utility
The extra pleasure or benefit obtained from consuming an extra unit of a product or service.
- Identify the differences between total and marginal utility, along with their respective calculation methods.
- Discern and clarify the notion of marginal utility and its effect on the preferences of consumers.
Verified Answer
JH
Learning Objectives
- Identify the differences between total and marginal utility, along with their respective calculation methods.
- Discern and clarify the notion of marginal utility and its effect on the preferences of consumers.