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

Question

Define or explain the following concept :

Marginal utility.

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))`

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APPEARS IN

 2017-2018 (March) (with solutions)
Question 2.1.2 | 2.00 marks
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Define Or Explain the Following Concept : Marginal Utility. Concept: Diminishing Marginal Utility.
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