Commerce Exam > Commerce Questions > MU1 + MU2 + ……..MUn represents?...
Start Learning for Free
MU1 + MU2 + ……..MUn represents?
- a)Total marginal utility
- b)Total utility of a commodity
- c)Total average utility
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb...
Utility, in ordinary sense, means usefulness. But, in economics, it means want-satisfying power of a commodity or service — the power to satisfy a human want. Utility is addable. One can add utility obtained from each unit of a commodity to get total utility obtained from the entire stock. In other words, by adding marginal utility from successive units, we obtain total utility of the stock.
Most Upvoted Answer
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb...
Explanation:
Total utility of a commodity
Marginal utility (MU) refers to the additional utility a consumer derives from consuming one more unit of a good or service. When we add up all the marginal utilities of each unit consumed (MU1 + MU2 + ... MUn), we get the total utility of the commodity.
Key Points:
- Total utility is the sum of the marginal utilities of all units consumed.
- It represents the overall satisfaction or benefit a consumer receives from consuming a particular quantity of a good or service.
- Understanding total utility helps economists analyze consumer behavior and make decisions regarding production and consumption.
Total utility of a commodity
Marginal utility (MU) refers to the additional utility a consumer derives from consuming one more unit of a good or service. When we add up all the marginal utilities of each unit consumed (MU1 + MU2 + ... MUn), we get the total utility of the commodity.
Key Points:
- Total utility is the sum of the marginal utilities of all units consumed.
- It represents the overall satisfaction or benefit a consumer receives from consuming a particular quantity of a good or service.
- Understanding total utility helps economists analyze consumer behavior and make decisions regarding production and consumption.
Free Test
FREE
| Start Free Test |
Community Answer
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb...
Cuz total utility means sum total of marginal utility
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
Question Description
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Solutions for MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice MU1 + MU2 + ……..MUn represents?a)Total marginal utilityb)Total utility of a commodityc)Total average utilityd)None of the aboveCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup