Question
1. People generally buy goods and services because they expect to gain satisfaction from them. We call this satisfaction utility . An important distinction we
1. People generally buy goods and services because they expect to gain satisfaction from them. We call this satisfactionutility. An important distinction we make is betweentotal andmarginal utility.
(a) Total utility (TU) can be defined as
(b) Marginal utility (MU) can be defined as
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Environmental Economics and Management Theory, Policy and Applications
Authors: Scott J. Callan, Janet M. Thomas
6th edition
1111826673, 1111826676, 1439080634, 1439080631, 9781285528540 , 978-1111826673
