Question 23 of 32
Q.Distinguish Between:
Total Utility and Marginal Utility
Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2024Subjective· 2mImportance★★★★★
72% · 23/32 Questions
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Start your 14-day free trial to unlock the full solution →Total Utility and Marginal Utility are two related measures of the satisfaction a consumer gets from a good; TU is the whole, MU is the increment added by the last unit consumed.
| Basis | Total Utility (TU) | Marginal Utility (MU) |
|---|---|---|
| Meaning | Sum of satisfaction from consuming all units of a commodity | Additional satisfaction from consuming one more unit |
| Formula | TU = sum of the marginal utilities of all units | MU = change in TU / change in quantity (or TUn minus TU of previous unit) |
| Behaviour | Rises, reaches a maximum, then may fall | Continuously falls as more units are consumed (law of diminishing MU) |
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