Total utility - Economics Help

Total utility refers to the complete amount of satisfaction gained. · Marginal utility refers to the satisfaction gained from an extra unit consumed. · If the ... Skiptocontent 0 Menu 0 Menu Ineconomics,utilityreferstotheamountofsatisfactionthataconsumergainsfromaparticulargoodorservice. Totalutilityreferstothecompleteamountofsatisfactiongained. Marginalutilityreferstothesatisfactiongainedfromanextraunitconsumed. Ifthemarginalutilityofthelastitemispositive–thentotalutilitywillbeincreasing Ifthemarginalutilityofthelastconsumptionisnegative–totalutilitywillbefalling ExampleofMarginalandTotalUtilityforIcecreamconsumption   TotalutilityismaximisedatthepointwhereMarginalutilityiszero.(quantity5or6) Totalutilitystartstofallwhenmarginalutilityisnegative Thisshowsthelawofdiminishingmarginalutilityofconsumption.Ifyoueattoomanyice-creams,youstarttogetnegativeutiltyandthetotalsatisfactionstartstodecline Consumptiondecisions Thedecisionofhowmuchtoconsumealsodependsonthemarginalcostofproduction. See:marginalutilitytheory Related MeasuringUtility View:allRevisionGuides A-Levelrevisionguide £8.95 AS-LevelRevisionguide £5.00 A-LevelModelEssays£9.00 GCSERevisionGuide£8.49 Getnewpostsbyemail: Subscribe RecentPosts TheUK’sself-imposedeconomiccrisisof2022explained WhyrisinginterestrateswouldhurttheUKeconomy TheEffectoffallinPoundSterling WillasurgeinborrowingcauseadebtcrisisintheUK? ReasonsforfallingvalueofPoundSterling SelectedPosts CausesofWallStreetCrash1929 CausesofGreatDepression UKeconomyin1920s KeynesianEconomics Theproblemofprintingmoney Theimportanceofeconomics Understandingexchangerates 10reasonsforstudyingeconomics ImpactofimmigrationonUKeconomy RandomGlossarytermNon-RenewableResourcesUKeconomystats Twitter Facebook YouTube RSSFeed Askaneconomicsquestion YouarewelcometoaskanyquestionsonEconomics. 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