7.What does the area under Marginal Utility Curve of a commodity represents?
Dear student,
The area under marginal utility curve of a commodity represent total utility.
Marginal utility means the additional satisfaction that a consumer get from buying an additional unit of a commodity or service.
MU= TU/Q
Regards
The area under marginal utility curve of a commodity represent total utility.
Marginal utility means the additional satisfaction that a consumer get from buying an additional unit of a commodity or service.
MU= TU/Q
Regards