Asked by
Nafisa Farah
on Nov 30, 2024
Verified
Polly's total utility for 3 scented candles would be
A) $8.
B) $14.
C) $15.
D) $21.
E) None of the choices are correct.
Total Utility
The complete gratification obtained through the consumption of a specific quantity of products or services.
Marginal Utility
The additional satisfaction or benefit (utility) that a consumer derives from consuming an additional unit of a good or service.
Scented Candles
Candles infused with fragrance oils or natural aromatic extracts intended to emit a pleasant aroma when lit.
- Describe the distinction between total utility and marginal utility, particularly in terms of their calculation.
- Understand the correlation between cost and value in the choices made by consumers.
Verified Answer
JK
Learning Objectives
- Describe the distinction between total utility and marginal utility, particularly in terms of their calculation.
- Understand the correlation between cost and value in the choices made by consumers.
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