Question

Total utility is defined as the:

a. change in marginal utility a person derives from the consumption of a good.
b. change in total utility a person derives from the consumption of a good divided by the price of that good.
c. change in total utility a person derives from the consumption of a good divided by the change in the consumption of that good.
d. sum of the amounts of satisfaction a person receives from consuming a good. change in total utility a person derives from the consumption of a good.

Answer 1

Answer:

the correct answer is d. sum of the amounts of satisfaction a person receives from consuming a good.

Explanation:

Utility is an economic concept that is used to measure the amount of  satisfaction a person receives from the consumption of goods and services. The measurement used is "Utils". However, this remains a difficult to calculate concept as the amount of satisfaction a person receives is highly subjective and personal to that specific individual.