04-3 0 Total and marginal utility total utility -the level of happiness derived from consuming the good marginal utility -the additional utility that is received when an additional unit of a good is consumed change in total utility Marginal utility= change in quantity Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITYEconomics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 04-3 Total and marginal utility • total utility - the level of happiness derived from consuming the good • marginal utility - the additional utility that is received when an additional unit of a good is consumed