⭐️ UTILITY
0.0(0)
Studied by 0 people0.0(0)
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/3
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
4 Terms
1
New cards
What is total utility?
Total satisfaction from consuming goods.
2
New cards
What is marginal utility?
Additional satisfaction from consuming one more unit.
3
New cards
What is diminishing marginal utility?
MU decreases as consumption increases.
4
New cards
What is the utility-maximizing rule?
MUx/Px = MUy/Py.
Note 
Flashcards (20)