ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Marginal utility measures the satisfaction or benefits a person gets from consuming an additional unit of a product or service.

Detailed explanation-2: -In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service.

Detailed explanation-3: -The satisfaction of a consumer is the basis of the utility function. It measures how much one enjoys when he or she buys something. A utility is a measure of how much one enjoys a movie, favourite food, or other goods. It varies with the amount of desire.

Detailed explanation-4: -Utility refers to the total satisfaction or value that you get from consuming a particular product or service. Utility values are critical for determining why different goods have different costs and levels of demand. Products with higher utility usually have more demand, meaning they can command higher prices.

Detailed explanation-5: -In economics, utility refers to the satisfaction gained from consuming a good or service. Total utility is usually defined as a quantifiable summation of satisfaction or happiness obtained from consuming multiple units of a particular good or service.