what is difference between total utility and marginal utility?
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Total utility means the total satisfaction you get by consuming an amount of some commodity.
Marginal utility,on the other hand, means the additional satisfaction you get when you consume one more unit of a commodity.
Hope that solves your query. :)
harsith:
Total utility means the total satisfaction you get by consuming an amount of some commodity. Marginal utility,on the other hand, means the additional satisfaction you get when you consume one more unit of a commodity. Hope that solves your query. :)
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Answered by
3
TOTAL UTILITY :-
♥ It refers to the total satisfaction obtained from the consumption of all possible units of a commodity .
♥ It increases as more consumption is done .
♥ Suffers from diminishing returns .
MARGINAL UTILITY :-
♥ It is the additional utility derived from the consumption of one more unit of the given commodity .
♥ It diminishes with an increase in total utility .
♥ It reduces with the consumption of each additional unit .
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