Maharashtra State BoardHSC Commerce 12th Board Exam
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Define Or Explain the Following Concept : Marginal Utility. - Economics

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Define or explain the following concept :

Marginal utility.

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Solution

It refers to the additional utility derived by a consumer from additional unit of a commodity consumed. It is the utility derived from the last unit of a commodity. In short, MU is the addition made by last unit to TU. `MU_n = TU_n -TU_((n-1))`

Concept: Diminishing Marginal Utility
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