Utility Analysis, Assignment Help, Homework Help

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Utility Analysis

6.1 Total Utility

Total Utility Assignment Help

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

Marginal Utility Assignment Help

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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