what is marginal utility and total utility
Hi There!
I am assuming, your query is on the basis of economics subject. In economics, utility means the satisfaction (or the amount of satisfaction) which consumer gains from the product or service. Its basically the feedback given by the consumer or costumer. Total utility means the complete amount of satisfaction gained. Marginal utility means the satisfaction gained from an extra unit consumed. You can refer to this pdf to get more conceptual knowledge:
https://static.careers360.mobi/media/uploads/froala_editor/files/Economics-Sr-Sec-2020-21.pdf
Thankyou!
Hello,
In economics, utility refers to the amount of satisfaction that a consumer gains from a particular good or service. Total utility refers to the complete amount of satisfaction gained. Marginal utility refers to the satisfaction gained from an extra unit consumed. If the marginal utility of the last item is positive – then total utility will be increasing. If the marginal utility of the last consumption is negative – total utility will be falling.
