Explain Why Total Utility Is Maximized When the Marginal Utility

question 348

Essay

Explain why total utility is maximized when the marginal utility per dollar on all goods is equal.

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Definitions:

Sequence

A particular order in which related events, movements, or things follow each other.

Chromic Acid

An oxidizing agent composed of chromium trioxide or sodium dichromate in water; used for cleaning laboratory glassware and in oxidation reactions.

2° Alcohol

Also known as a secondary alcohol, it is an alcohol where the hydroxyl (-OH) group is attached to a carbon atom that is bonded to two other carbon atoms.

Organic Product

A chemical compound of organic origin, typically resulting from the chemical reactions of organic compounds.