final degree of utility by jevons
Answers
Answer:
The final degree of utility is that function upon which the Theory of Economics will be found to turn. Economists, generally speaking, have failed to discriminate between this function and the total utility, and from this confusion has arisen much perplexity.
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.