What is the relation between total …
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Posted by Sher Gill Saab ?? 5 years, 1 month ago
- 2 answers
Yogita Ingle 5 years, 1 month ago
Relation: total utility is the summation of marginal utility.
Total utility is the sum total of utility derived from the consumption of all the units of a commodity. To illustrate, if 2 units of a commodity are consumed and 1st unit yields satisfaction of 10 utils, while 2nd unit yields satisfaction of 9 utils, then total utility is 19 utils.
Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.
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Sher Gill Saab ?? 5 years, 1 month ago
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