Question

Marginal utility is A. the total utility received from consuming a certain quantity of a good divided by the quantity. B. the utility received from consuming one unit of a good. C. the change in total utility due to a​ one-unit change in the quantity of a good consumed. D. the utility received by the last consumer of a good.

Answer 1

The correct answer is letter "C": the change in total utility due to a​ one-unit change in the quantity of a good consumed.

Step-by-step explanation:

Utility is the satisfaction or joy an individual perceives from consuming a good or service. Marginal utility is the satisfaction that consuming one more unit of the same good or service represents for the same individual. Total utility refers to the aggregate utility of consuming a certain quantity of products.

In such a case, marginal utility can also be understood as the change in total utility that consuming one more unit of a good or service causes.

Answer 2

The utility received from consuming one unit of a good

Step-by-step explanation:

Marginal utility refers to the additional satisfaction that a consumer will obtain from consuming additional units of goods or services.

Marginal utility is utilized by economists to identify and check how much of a particular item a consumer is willing and ready to buy.

Marginal utility is calculated as:

change in total utility/ change in the number of goods consumed.