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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What does falling total utility imply for marginal utility? Give an arithmetical example to illustrate your answer.

To determine

The total utility and marginal utility.

Explanation

A decrease in the total utility implies the marginal utility of a product. It can be explained by assuming an example. Assume that consumer L is accruing the total utility of 30 utils by consuming 5 apples and accruing only 25 utils by consuming 4 apples. Now, the marginal utility can be calculated as follows:

MU=ΔTotal utility ΔQuantity

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