Question

What is total utility and marginal utility?​

Answer 1

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Total utility refers to the complete amount of satisfaction gained. 

Marginal utility refers to the satisfaction gained from an extra unit consumed.

Answer 2

Total utility is the overall satisfaction that a consumer derives from the consumption of particular goods and services. Each individual unit of goods or services has a marginal utility of their own.

Marginal utility is the concept used by economists to quantify the amount of satisfaction that is gained by the consumption of additional units of a good or service. It is an important concept that is used by economists to determine how much quantity of an item a customer is willing to purchase.