Question
Satisfaction obtained by a consumer by consuming given number of the commodity refers to:
- Utility.
- Marginal utility.
- Average utility.
- Total utility.
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$\text{MP}_\text{n}=\text{TP}_{\text{n}+1}+\text{TP}_\text{n}$
$\text{MP}_\text{n}=\text{TP}_\text{n}-\text{TP}_{\text{n}-1}$
$\text{MP}=\text{TP}$
$\frac{\text{MP = TP}}{\text{units of variable factor}}$