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In order to calculate total utility (TU) from given levels of marginal utility (MU), one...

Economics
WAEC 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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Correct Answer: Option B
Explanation

 “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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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