Question: The difference between total utility and marginal utility is that: a. Both represent the satisfaction obtained from most all goods and services. b. Total utility

The difference between total utility and marginal utility is that:
a. Both represent the satisfaction obtained from most all goods and services.
b. Total utility is the satisfaction from consuming a good while marginal utility is the satisfaction from consuming services.
c. Total utility is the satisfaction from consuming one additional unit of a good while marginal utility is the complete satisfaction from consuming a good.
d. Total utility is the complete satisfaction from consuming a good while marginal 0) utility is the satisfaction from consuming one additional unit of a good.

Step by Step Solution

★★★★★

3.53 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The difference between total utility and marginal utilit... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1365-B-C-A-B(4019).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Describe the law of diminishing marginal utility. On what assumptions is this law based? Use diminishing marginal utility to explain why millionaires often do not have many homes, even if they can...

What is the distinction between total utility and marginal utility?

Utility theory is important for understanding consumer choice. 1. Define total utility. 2. Define marginal utility. 3. State the law of diminishing marginal utility. 4. Explain why we cannot use the...

Help please?!? Question 10 (Challenge). Terri loves yogurt; and loves it even more if consumed with granola. In fact, Terri 's marginal utility from consuming yogurt with granola is twice that of...

Please help?!?! Question 10 (Challenge). Terri loves yogurt; and loves it even more if consumed with granola. In fact, Terri 's marginal utility from consuming yogurt with granola is twice that of...

help me answer Part 2 Direction: Rank the following items according to the level of satisfaction that you can get using ordinal utility. 1. Free Tuition fee in Phinma AU 2. Latest Realme Phone 3....

True or False, then explain why. Thank you in advance. TOPIC: Price Elasticity of Supply and Consumer Behavior 1. The marginal rate of substitution diminishes along an indifference curve. 2. Customer...

There are questions below: Urbanization & Rural-Urban Migration: Theory and Policy Debates in Macroeconomics over Role And Effects of Government Urbanization- is the process by which large numbers of...

Hey guy, I would like your feedback on the following Question and Answer Individual utilities: What do you think an individual's total utility and marginal utility graphs look like for a drug such as...

Find the effective interest rate for a loan of $3,500 at 10% interest compounded quarterly?

When you push down on a block resting on a table, block atoms and table atoms that are in contact with one another A. move past each other B. maintain their positions C. break their bonds with one...

Assume a B + - tree node may contain up to 1 0 pointers, which of the following description about the B + - tree's nodes can not be true:

Which are the obstacles to effective property rights? Explain.

please provide correct answer A savvy investor paid $5,000 for a 20 -year $10,000 mortgage bond that had a bond interest rate of 2% per year, payable quarterly. Three years after he purchased the...

Bramble's Bakery makes a variety of home-style cookies for upscale restaurants in the Atlanta metropolitan area. The company's best-selling cookie is the double chocolate almond supreme. Bramble's...

4. Reverse of a protective put (a short stock + a short put) An investor is shorting a BAC stock. The stock borrowed must be returned at $34.00 per share. She shorts a 35 put BAC option. Its option...