Question

define utility and its types?​

Answer 1

hey!

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Answer!

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☆Defination:-☆

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• utility is the want satisfying power of a good is called utility.

☆there are two types:-☆

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1.. total utility:-

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• -------->>>>> it is the sum of total utility drive from consumption of all units of a commodity.

☆formula:-☆

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• TU = EMU

2..Marginal utility:-

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• ----->>>>it is the change in total utility as a result of using one more or one less unit of a commodity.

☆formula:-☆

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• MU = TUn - TUn - 1

Answer 2

Heya...

utility is the wants satisfying power of a commodity, means after taking a unit of good what satisfaction attain by us is called utility..

Basically utility has not it's types but it can be considered as :-

Total utility :- Total satisfaction from total units of a good...

Marginal utility :- Additional satisfaction with additional unit consumption...

Average utility :- Per unit satisfaction after consumption...