WAEC - Economics (2015 - No. 14)
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
subtract MU from TU
Add MU from the various levels
multiply MU by the initial TU
Divide current MU by previous MU
Explanation
“Marginal utility is addition made to total utility by consuming one more unit of a commodity”.
Total Utility is Summation of Marginal Utilities: in order to get the total utility, you will have to sum up the additional/extra utility (MU) from the given levels of consumption
Comments (0)
