ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Total utility measures the total satisfaction from a specific quantity of goods or services. Total utility operates hand in hand with marginal utility, which measures the additional satisfaction received from the consumption of a good or service. As long as marginal utility is positive, total utility will increase.

Detailed explanation-2: -Total utility refers to the overall level of happiness or satisfaction that a consumer experiences by consuming a certain amount of a good or service.

Detailed explanation-3: -Total utility is the overall satisfaction that a consumer derives from the consumption of particular goods and services. Each individual unit of goods or services has a marginal utility of their own.

Detailed explanation-4: -Its value is always negative. This is because it is the ratio of loss in the consumption of one good to the gain in consumption of another.

Detailed explanation-5: -The additional utility that the consumer derives from the additional consumption of any commodity is called marginal utility.