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Describe the meaning of utility in economics and explain why it is different from one consumer to another.
A difference is that with ordinal utility approaches, you cannot numerically measure the level of consumer satisfaction. With cardinal utility approaches, you can to an extent.
explain the difference between total utility and marginal utility
use your dish washer and keep the light on if you turn it off you dont conserve eneergy
kamine ka jab had hota hai to use utility analysis khate hai
explain the demerits of diminishing marginal utility
In conjoint analysis, a part-worth utility refers to the utility of a certain attribute level.
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explain the concept of utility and its notions
Diminishing marginal utility implies that, for each unit of production consumed, utility is increasing at a decreasing rate. Therefore, a consumer's greatest utility gain is always at the first unit of a good and then steadily falls to 0 as they approach infinity. A consumer's willingness to pay for a good depends on their expected utility gain, so as quantity approaches infinity, willingness-to-pay approaches 0 at a diminishing, negative rate.
we cannot explain it its huge
Consumers use cost-benefit analysis in order to maximize utility.