Difference between total utility and mariginal utility
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- 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.
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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
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