Utility differences class 11
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Utility in economic terms is the satisfaction that is derived by a person from the consumption of any goods or services. There are two types of utility specified in economics, namely, total utility and marginal utility. It is used to analyse customer’s preferences within a marketplace.
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The main difference between total and marginal utility is that total utility refers to the total satisfaction received by the consumer from consuming different units of a commodity while the marginal utility, connotes the additional utility derived from the consumption of the extra unit of a commodity.
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