Economics

Meaning of Total utility and marginal Utility and the relationship between Total Utility and Marginal Utility

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In this article we will discuss about Meaning of Total utility and marginal Utility and the relationship between Total Utility and Marginal Utility.   TOTAL UTILITY Total utility (TU) means total satisfaction obtained from the consumption of all possible units of a commodity. It includes total satisfaction which consumer gets from consumption of all goods […]

Economics

Concept of Utility, Total Utility and Marginal Utility

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 In this article we will discuss about Concept of Utility, Total utility and marginal Utility.   UTILITY Utility means satisfying power of a commodity and consumer get satisfaction by consumption of goods and services. In other words utility means usefulness of goods and services for the satisfaction of human wants and it depends upon the […]