Question

Define term total utility and marginal utility​

Answer 1

Term total utility: The utility is the satisfaction that an individual derives from consuming a good or service. Similarly, total utility is the total satisfaction received from consuming a given total quantity of a good or service.

Marginal utility: Marginal utility is the added satisfaction a consumer gets from having one more unit of a good or service. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase. ... Marginal utility can be positive, zero, or negative.

Answer 2

Answer:

While total utility measures the aggregate satisfaction an individual receives from the consumption of a specific quantity of a good or service, marginal utility is the satisfaction an individual receives from consuming one additional unit of a good or service.

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