Economics (MindTap Course List)
Economics (MindTap Course List)
The total utilities of the first 5 units of good X are 10,19, 26, 33, and 40 utils, respectively. In other words, the total utility of 1 unit is 10 utils, the total utility of 2 units is 19 utils, and so on. What is the marginal utility of the third unit?
Identify the marginal utility.
Marginal utility (MU) can be calculated using the following formula:
Since the value of the total utility of the 3rd unit of X is 26 and the total utility of 2nd unit is 19, the marginal utility of the third unit can be calculated using Equation-1 as follows:
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