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What is Marginal Utility? - Definition, Theory, Formula & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The change in total utility after each additional unit of consumption is called:

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1. How is marginal utility calculated?

2. Calculate the marginal utility between the third and second slice of pizza in the following chart.

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About This Quiz & Worksheet

We don't always recognize it, but marginal utility affects our daily decisions. Check how much you know about the important terms related to marginal utility and how to calculate it in a given situation.

Quiz & Worksheet Goals

You can use these practice questions to test your knowledge of:

  • Finding the word that goes with a definition related to economic utility
  • Calculating marginal utility when given consumption and total utility
  • Interpreting information from a chart to fill in the marginal utility formula

Skills Practiced

  • Problem solving - apply the appropriate formula to calculate marginal utility using a chart
  • Defining key concepts - match an economics-related definition to the correct term
  • Information recall - show that you remember the marginal utility formula

Additional Learning

A great way to learn even more about this economics topic is to read over the lesson called What is Marginal Utility? - Definition, Theory, Formula & Example. In it, you'll review:

  • The meaning of the term utility in reference to economics
  • How total and marginal utility differ
  • Examples of correctly using the marginal utility formula
  • Applications of marginal utility to everyday life
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