Suppose income falls 1 percent in a year and as a result construction of new homes falls from million to 24 million units annually. The value of the income elasticity of demand for housing is closest to

Marginal utility is the increase or decrease in a consumers utility (satisfaction), on consuming an extra unit of good. Its formula is the change in total utility over the change in the quantity consumed. If the total utility is given we can take its derivative to find marginal utility as well. For detail on the topic and a more complicated formula, visit the link below.

Marginal Utility

Marginal Utility

You(x,y) = ln X + y

The marginal utility of the fourth unit of y

when the total utility of Y 3 is 108 and Total utility of y 4 is 135

when the total utility of Y 3 is 108 and Total utility of y 4 is 135

400x+200y