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A boat floating several feet away from a dock is pulled toward the dock by a rope wound by a winch at the rate of 20 feet per minute. If the winch is 10 feet above the level of the boat, how fast is the boat moving through the water when there is 100 feet of rope between the boat and the winch?
Marginal Utility
The extra pleasure or benefit one gains from the consumption of one more unit of a product or service.
Total Utility
The total satisfaction or benefit a consumer receives from consuming a particular quantity of goods and services.
Total Utility
Total utility is the total satisfaction or value a consumer derives from consuming a particular quantity of goods or services.
Marginal Utility
The additional satisfaction or utility gained from consuming an additional unit of a good or service.
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