Explain the concept of 'final degree of utility ' as explained by Jevons.
Answers
Answer:
The concept of final degree of utility as explained by Jevons is slightly different that the general concept of utility, though the base of both concept lies under the grounds of the same theory of the satisfaction received from the consumption of goods.
Explanation:
Jevons differentiated between the concepts of total utility versus the final degree of utility. He explained that the final degree of utility takes into consideration the last addition, or the next possible addition of a small quantity to the existing present inventory.
Where basic utility concept looks at how much satisfaction one achieves from the consumption of the next quantity.
Answer:
Jevons has explained the final degree of utility where to the existing stock an addition is made. It is the latest increment done which is consumed.
This expression is used to denote the infinitely small addition made to the existing quantity of stock and this cannot be compared with anything else. These are related to curve of variations and lowered portions.