ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -marginal utility, in economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.

Detailed explanation-2: -Marginal utility is the added satisfaction that 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.

Detailed explanation-3: -Marginal utility. The additional utility that the consumer derives from the additional consumption of any commodity is called marginal utility.

Detailed explanation-4: -Marginal means additional. Therefore, marginal utility means the additional utility which the consumer is getting after consuming a successive unit of that commodity.

Detailed explanation-5: -Marginal utility is the level of satisfaction from the consumption of goods, while the diminishing marginal utility is specifically related to the decrease of satisfaction from the consumption of goods. The marginal utility can be either zero, positive, negative, diminishing, or increasing.