Which of the following statements is TRUE? Select all that apply. Marginal utility is the extra...

Which of the following statements is TRUE? Select all that apply.

Marginal utility is the extra satisfaction a consumer realizes from an additional unit of that product.

Total utility is the additional satisfaction or pleasure a person receives from consuming some specific quantity of a product.

Marginal utility is the change in total utility that results from consuming 1 more unit of a product.

To maximize satisfaction the consumer should allocate his or her money income so that the last dollar spent on each product yields the same amount of marginal utility.

Total utility is the extra satisfaction a consumer realizes from an additional unit of that product.

Expert Solution

Answer : Statement 1 is correct. Marginal utility is the extra satisfaction consumer realized from an additional unit of goods and services. It means that when we consume one more unit than the satisfaction gained from them is measured in utility. It has been derived from total utility .

Statement 2 is false. As total utility means that the total satisfaction person have received from consuming a particular quantity of product. It is sum of utility the person have gained in the usage of the product.

Statement 3 is correct. As marginal utility is an additional benefit the person have enjoyed and from consuming one additional unit that has been consumed. As marginal utility means additional gain person have enjoyed.

Statement 4 is correct. To maximize the satisfaction the consumer should allocate his or her money in such manner that his or her satisfaction level is maximum. It means that to maximize consumer satisfaction level by the person in systematic and proper manner.

Statement 5 is false. Total utility is total satisfaction the consumer have gained after consuming certain level of output.

Rahul Sunny answered 2 years ago

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