Question : What formula is used to calculate marginal utility?
Option 1: MU/Q
Option 2: TU/Q
Option 3: Q/MU
Option 4: Q/TU
Correct Answer: TU/Q
Solution : The formula for marginal utility = change in total utility divided by the change in total units consumed. The formula for marginal utility = ?TU/?Q
Question : How is marginal utility determined?
Question : Indifference curves are concave to the origin because of:
Question : The consumer's equilibrium is attained at the point where:
Question : ______ is the change in total utility due to the consumption of one additional unit of a commodity.
Question : In the cardinal utility approach, consumer's equilibrium is achieved when:
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