Which of the following is true about marginal utility and total utility
a) marginal utility always diminishes while total utility doesn't
b) total utility can increase or decrease as consumption increases
c) marginal utility can be negative while total utility is increasing
d) As total utility increases, marginal utility can decrease
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Total utility
Practice: Marginal Utility 1
Jim gets utility of 5 by texting his girlfriend once. His utility increases to 8 if he texts her a second time.
His marginal utility is________
Total Utility
In economics, the term ʺ utilityʺ is defined as the
If total utility from the consumption of some product is decreasing as more units are consumed, then marginal
utility must be
Marginal utility
Referring to the diagram above what is the marginal utility of the 2nd good?
Diane's favorite drink is chocolate milk. The first carton of chocolate milk she drinks gives her 15 units of utility, the second carton gives her 7 units of utility. If Diane has two cartons of chocolate milk how many units of utility does she receive?