. 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.