Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section7.1: Utility Theory
Problem 3ST
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Is it possible for total utility to increase while
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Step-1
Marginal utility(MU) is the change in the total utility(TU) due to small change in the quantity(Q) of the commodity consumed. Mathematically, MU is the derivative of the TU with respect to(w.r.t.) the quantity of the good.
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