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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Dr. Meghna Jain (pt) posted an Question
September 15, 2021 • 21:38 pm
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30 points
30 points
- UGC NET
- Management
Can u describe this graph in detail with every term included ?
can u describe this graph in detail with every term included ?
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Rucha rajesh shingvekar Best Answer
Total utility is the aggregate amount of satisfaction or fulfillment that a consumer receives through the consumption of a specific good or service. Total utility is often compared to marginal utility, which is the satisfaction a consumer receives from consuming one additional unit of a good or service. 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. Point of Satiety is defined as '' the point where marginal utility of any commodity is zero''. Thus it is a point where satisfaction of any commodity is zero. The maximum point of the total utility curve is also known as the point of satiety. Beyond this point, total utility starts declining with consumption of every successive unit of consumption. ... One of the basic assumptions of the law of Diminishing Marginal Utility is that the utility is measurable in numbers. Above the units consumed shows satisfaction and below the units consumed shows dissatisfaction.