Total Utility – Mutual Relationship with Marginal Utility
Definition At a given time the overall utility derived from the consumption of all units of a commodity is called Total Utility.
December 2017
Marginal Utility : Definition and Classification
Definition of Marginal Utility Marginal Utility is the utility which is derived from the consumption of an additional unit of a commodity. In other words, it is the addition to total utility, resulting from adding one unit to the consumption of a commodity. Example : Ram consumes 6 ice creams at a time. In this case, …
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Utility – Concept and Characteristics of Utility
Meaning of Utility Utility means the power that satisfies any want. It is such an internal quality; which is found in all commodities desired by a person. The quality (power or capability) of a commodity which satisfies the human want; directly or indirectly is called Utility. Those commodities, which have wants satisfying power are called …
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