Author Question: Marginal utility is defined as the a. average amount of satisfaction gained from consuming a ... (Read 153 times)

dollx · **on:** Jul 1, 2018

Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a product
b. total amount of satisfaction gained from consuming a product
c. additional satisfaction gained from consuming one more unit of a product
d. total amount of satisfaction gained from consuming a product divided by the number of units consumed
e. total amount of satisfaction gained from consuming a product times the number of units consumed

Question 2

Total utility can be calculated as the
a. sum of all marginal utilities
b. price paid for one unit of a good
c. product of all marginal utilities
d. total expenditure on all units of a good the consumer buys
e. difference between the marginal utilities of the first and last units of a good