Question

4. Distinguish between total utility and marginal utility.​

Answer 1

The main difference between total and marginal utility is that total utility refers to the total satisfaction received by the consumer from consuming different units of a commodity while the marginal utility, connotes the additional utility derived from the consumption of the extra unit of a commodity.

Answer 2

DISTUINGISH BETWEEN UTILITY AND MARGINAL UTILITY

MARGINAL UTILITY

☆ Marginal utility is added to the satisfaction that the consumer get from having one more unit of good service. The marginal utility is used to economists to determines how much of an item consumer are willing to purchase.

☆ Positive marginal utility occur when the consumption of an additional item increase the total utility. On other hand negative marginal utility occur when the consumption of one more unit decrease over time.

TOTAL UTILITY

☆ The utility in satisfaction that an individual derives from consuming a good or sevice . Similarly total utility is the total satisfaction recieved from consuming a given total quantity.

☆ Economist seek to quantify the total unit using special calculation. Economist may also study several economic metrics in conjunction with total unit. When seeking to understand how consumer behaviour align with supply and demand.