Question
This table shows the quantities consumed of one commodity and the total utility gained from this...
This table shows the quantities consumed of one commodity and the total utility gained from this commodity. Marginal Utility Total Utility Quantity 9 1 18 2 25 3 30 4 34 5 36 6 36 7 34 8 The Required: 1. Extract the marginal utility 2. Draw the total and marginal utility curve in the graph and explain the importance of marginal utility.
Homework Answers
Answer #1
Marginal
Utility is significant as when we consume more and more units of a
commodity, Marginal Utility declines and a customer derives less
and less satisfaction from consuming more units of a particular
product.
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