How to find total utility from marginal utility?
Understand the Problem
The question is asking how to calculate total utility using marginal utility. Total utility can be found by summing up the marginal utilities of each additional unit consumed. This approach highlights the relationship between total and marginal utility in economics.
Answer
Total utility = sum of all marginal utilities.
The final answer is to sum up all the marginal utilities to calculate the total utility.
Answer for screen readers
The final answer is to sum up all the marginal utilities to calculate the total utility.
More Information
Total utility indicates the overall satisfaction or value derived from consuming a certain number of units of a good, and it is found by adding up the marginal utilities of each unit consumed.
Tips
Common mistakes include not accounting for all units consumed or mixing up marginal utility with average utility.
Sources
- Total Utility vs. Marginal Utility - indeed.com
