Total Utility can mean the total amount of satisfaction gained from the purchase or consumption of a product.
Marginal Utility is the amount of satisfaction gained from purchasing or consuming more of the same product.
For Example:
If you purchased two slices of Pizza, Your total utility would be the satisfaction you receive from consuming both slices. Your marginal utility would be the satisfaction you gained consuming an additional slice (i.e. The difference between consuming two slices versus one slice)
Typically your marginal utility decreases as your consumption increases.
For Example:
If you have eight pizzas, one extra slice is not likely to bring you as much satisfaction as a second slice would if you only had one slice of pizza (as opposed to eight pizzas).
Relationship of total and marginal utility- 1.when total utility increases,marginal also increases. 2.when total utility is at it`s maximum point,marginal becmes zero. 3.when total utility starts declning,marginal becomes negative.
Marginal utility is the utility by taking one more item of unit while total utility is the overall utility of taking all units of items:
For example:
if person a drinks 1 glass of water thirst end 10 while taking second glass of water thirst end 5, so marginal utility of first glass is 10 and second glass is 5 while total utility of both glasses is 15
Total utility is the utility acheived by using all units of product while marginal utility is the difference of utility from first unit of produc to second unit of product.
Example:
for example when you drink first glass of water you diminish 50% of your thirst but when you drink second glass of water you diminish 40% of your thirst. So by using 2 glasses of water your total utility is 90% while marginal utility is reduced from 50% to 40%.
The price of gasoline paid by consumers rises to $2.75.
Marginal Utility is the derivative of Total Utility
Total utility is the total overall benefit from use of any product while marginal utility is the difference of utility between use of each unit of product.
Total utility is the total utility of usage of product while marginal utility is the difference between utility for first unit of use and next unit of use.
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explain the difference between total utility and marginal utility
What is the difference between equi-marginal utility and diminishing marginal utility?Read more:What_is_the_difference_between_equi-marginal_utility_and_diminishing_marginal_utility
both are equal and complement to each other
There is a close relationship between the marginal utility and price of a commodity.The additional satisfaction from the consumption of an additional unit of the commodity is called marginal utilty. Price means the value of the goods expressed in the terms of money.Price of all units of he same goods of consumption are more or less identical.It means that the consumer pays the same price for all the units of the same goods of consumption. But marginal utility of the goods of consumption start diminishing as the consumer increase the units of consumption of the commodity.Therefore the consumer will like to pay that price for the commodity,which is equal to the marginal utility he gets from the commodity.If the price of the commodity are higher than the marginal utility he derives from the commodity he will not like to purchase the commodity. In this way there is a clod\se relation between the marginal utility and the price of the commodity.
marginal utility is zero
explain the difference between total utility and marginal utility
explain the demerits of diminishing marginal utility
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What is the difference between equi-marginal utility and diminishing marginal utility?Read more:What_is_the_difference_between_equi-marginal_utility_and_diminishing_marginal_utility
both are equal and complement to each other
There is a close relationship between the marginal utility and price of a commodity.The additional satisfaction from the consumption of an additional unit of the commodity is called marginal utilty. Price means the value of the goods expressed in the terms of money.Price of all units of he same goods of consumption are more or less identical.It means that the consumer pays the same price for all the units of the same goods of consumption. But marginal utility of the goods of consumption start diminishing as the consumer increase the units of consumption of the commodity.Therefore the consumer will like to pay that price for the commodity,which is equal to the marginal utility he gets from the commodity.If the price of the commodity are higher than the marginal utility he derives from the commodity he will not like to purchase the commodity. In this way there is a clod\se relation between the marginal utility and the price of the commodity.
marginal utility is zero
marginal utility decreases
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utility: means a level of satsfection. marginal utility:an extra unit gain my consumer/consumation of addational unit. deminishing marginal utility:when a person reachs his max level of satsfection by consuming a specific product then his utility will be falling by incresing the rate of consuming goods. diminishng marginal return & Diminishing marginal utility is same.
what is it marginal utility
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.