Tom makes 32 dollars a week. He spends 5/8 for lunch and 1/4 for music. How much money did Tom saved
1 answer:
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The total utility of 4 units is 50 and the marginal utility is 5
Total utility is the sum of satisfaction that is derived from the consumption of units of a good or service.
Total utility can be determined by adding the marginal utility of each unit that is consumed.
Total utility of consuming 4 units =<em> marginal utility</em> of the first unit + <em>marginal utility</em> of the second unit + <em>marginal utility</em> of the third unit + <em>marginal </em>utility of the fourth unit
20 + 15 + 10 + 5 = 50
Marginal utility is the change in total utility when consumption increases by unit. Marginal utility is 5
Please find attached the table used in answering this question. To learn more about marginal utility, please check: brainly.com/question/14149928?referrer=searchResults
