Question on: WAEC Economics - 2015
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
A
subtract MU from TU
B
Add MU from the various levels
C
multiply MU by the initial TU
D
Divide current MU by previous MU
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Correct Option: B
“Marginal utility is addition made to total utility by consuming one more unit of a commodity”.
Total Utility is Summation of Marginal Utilities: in order to get the total utility, you will have to sum up the additional/extra utility (MU) from the given levels of consumption
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