Utility Analysis, Assignment Help, Homework Help
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Utility Analysis
6.1 Total Utility
Total utility is termed as the aggregate amount of utility which the consumer derives from consumption of all the units at his/her disposal.
TUn = ∑x
6.2 Marginal Utility
It refers to the additional satisfaction a consumer derives from buying an extra unit of a commodity.
MUn = TUn – TU(n -1)th term
6.3 The law of Diminishing Marginal Utility
According to the Law of Diminishing Marginal Utility, the more we have of a certain commodity, the marginal utility from the additional units goes on decreasing i.e. less he wants more of it. In other words, if the consumer increases consumption of a particular commodity with consumption of other remaining same as before then the marginal utility of that particular good falls.
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