what is the distinction between total utility and marginal utility?
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The difference between the two utilities is that total utility refers to the total satisfaction received by the consumer by consuming different units of a commodity while marginal utility connotes the additional utility derived from the consumption of the extra unit of a commodity.
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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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