. Define total utility and marginal utility

Best Answer

Explanation :

  • Total utility is the total satisfaction obtained from consuming a unit of a good. 
  • Total utility is the total satisfaction of wants and wishes.
  • Marginal utility is the increase or decrease in total utility derived from consuming one more unit of a product.
  • It focuses on the importance of additional amounts of a particular good or service.

Final answer :

Total Utility:

  • Total utility is that the consumer of all quantities of a certain commodity he would buy at every conceivable price.

Marginal Utility :

  • Marginal utility is the change in total utility brought about by a small change in the quantity of a good consumed.

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