Total Utility and Marginal Utility (Tabular and Diagrammatic Explanation)
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YouTubeEconomique
Total Utility and Marginal Utility (Tabular and Diagrammatic Explanation)
Total utility is the aggregate amount or the total amount of satisfaction that a consumer receives through the consumption of a specific good or service. In general, MU can be calculated as: MUn = TUn – TUn-1, which is the TU from nth unit minus the TU of (n-1) units. At the same time, total utility can also be calculated as the sum of ...
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