Please answer me.....
Dear student,
Total marginal utility refers to satisfaction derived when one more unit of a product is consumed in numerical terms. For example, A person may say that by consuming 2 units of output he is getting satisfaction of 4 utils, and by consuming 3 units he gets satisfaction of 2 units.
Toal ordinal utility, on the other hand, is the expression of satisfaction received in the form of ranks. For example, a person may rank apples in the first place and bananas in the second place.
Regards.
Total marginal utility refers to satisfaction derived when one more unit of a product is consumed in numerical terms. For example, A person may say that by consuming 2 units of output he is getting satisfaction of 4 utils, and by consuming 3 units he gets satisfaction of 2 units.
Toal ordinal utility, on the other hand, is the expression of satisfaction received in the form of ranks. For example, a person may rank apples in the first place and bananas in the second place.
Regards.