Question

what is total utility and marginal utility

Answer 1

Total utility is the totalsatisfaction received from consuming a given total quantity of a good or service, whilemarginal utility is the satisfaction gained from consuming another quantity of a good or service. Sometimes, economists like to subdivideutility into individual units that they call utils.

Answer 2

Total utility is the total satisfaction received from consuming a given total quantity of a good or service, while marginal utility is the satisfaction gained from consuming another quantity of a good or service. Sometimes, economists like to subdivide utility into individual units that they call utils.

Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. Marginal utility is an important economic concept because economists use it to determine how much of an item a consumer will buy.