Question

Difference between total utility and mariginal utility

Answer 1

• Total utility is the sum total of utility derived from the consumption of all the units of a commodity. ... Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity.

Answer 2

Answer:

Total Utility

• The aggregate of satisfaction that a consumer derives from the consumption of any particular goods or services
• Total Utility rises as more consumption are done
• Suffers from diminishing returns

Marginal Utility

• The amount of satisfaction derived by a consumer by additional consumption of a unit of any particular goods or services
• Marginal utility diminishes with an increase in total utility
• Marginal utility reduces with the consumption of each additional unit