According to the given information, The marginal utility associated with the third unit (MU3) is 10.
Marginal utility (MU) attained at the third unit of good is calculated as,
MU3 = TU3 - TU2
MU3 = 40 - 30
MU3 = 10 utils
Where MU and TU reflect the extents of marginal and total utility.
- A consumer's increased enjoyment from owning one extra unit of a good or service is known as marginal utility.
- Economists use the idea of marginal utility to estimate how much of a given good consumers are willing to buy.
- The theory of diminishing marginal utility is frequently invoked to support progressive taxation.
- It is possible for marginal utility to be positive, zero, or negative.
- The concept of marginal utility is helpful in describing how customers make decisions to maximize the value from their finite resources.
- In order to maximize the value of their tight budgets, consumers make decisions. As long as the marginal utility exceeds the marginal cost, individuals will often continue to consume more of a good.
- Price and marginal cost are equal in a market that is efficient.
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