connect. ECON 121 (17389): Spring 2016 Online CONOMICS lomework 7-Ch 19, 20, and

Question

connect. ECON 121 (17389): Spring 2016 Online CONOMICS lomework 7-Ch 19, 20, and 22 instruct Question 1 (of 18) Save & Exit 1.00 points Explain how marginal utility differs from total utlity Marginal utility is the satisfactior(Click to select) you have gotten from all that you have consumed divided by the quantity Total utility is the satisfaction you get from onsuming the first unit of a good you get from consuming an additional unit of a good over and above what you've aiready consumed you'll get from consuming all the goods you've consumed so far plus all the goods you plan to consume in the future References eBook&Resources; Worksheet Section: Rational Choice Theory Learning Objective: 19-01 Discuss the principle of diminishing marginal utility and the principle of rational choice. 411 Check my work

Explanation / Answer

Marginal utility : You get from consuming an additional unit of a good over and above what you've already consumed.

Total utility : you've gotten from consuming all the goods you've consumed so far.

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