Distinguish between total utility and marginal utility, and between creeping inflation and hyperinflation.

Here are the answers to the questions visible in the image:

Question 1:

a) Distinguish between the following pairs of concepts:

• i) Total utility is the total satisfaction or benefit a consumer derives from consuming a given quantity of a good or service. Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service.
• ii) Creeping inflation is a mild and gradual increase in the general price level over time, typically at a low single-digit rate (e.g., 1-3% per year). Hyperinflation is an extremely rapid and out-of-control increase in the general price level, often exceeding 50% per month, leading to a collapse