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प्रश्न
The aggregate utility obtained from the consumption of a specific unit of a commodity is called ______.
पर्याय
Marginal utility
Total utility
Maximum utility
Additional utility
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उत्तर
The aggregate utility obtained from the consumption of a specific unit of a commodity is called Total utility.
Explanation:
Total Utility is the aggregate utility derived from the use of a single unit of a commodity. It denotes the complete satisfaction gained by consuming all feasible units of a good.
TU = ΣMU
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संबंधित प्रश्न
A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X rises, the consumer buys less of good X. Use utility analysis.
A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X falls, demand for good X rises. Use Utility Analysis.
______ states that as the consumer will distribute his money income between the goods in such a way that the utility derived from the last rupee spent on each good is equal.
Match the following items in Group A to that in Group B and choose the correctly matched pair.
| Group A | Group B |
| (1) Assumption of Law of diminishing marginal utility. | (a) Homogeneous units of commodity |
| (2) Assumption of Law of equimarginal utility | (b) Continuous consumption without any time lag. |
| (3) Assumption of Law of diminishing total utility. | (c) Standard units of commodity |
| (4) Assumptions of Law of diminishing utility | (d) No change in tastes, preferences, or income of the consumer. |
Statement 1: A rational firm aims to operate in the second phase of the law of variable proportion.
Statement 2: In diminishing returns to a factor, i.e., the second phase of the law of variable proportion, MP falls.
______ states that as more and more units of a commodity are consumed, the marginal utility derived from the additional units must decline.
Assertion (A): TU curve starts from the origin, increases at a decreasing rate, reaches a maximum, and then starts falling.
Reason (R): The rising MU curve shows the law of diminishing marginal utility.
"The law states that a consumer will so allocate his expenditure so that the utility gained from the last rupee spent on each commodity is equal." Identify the law defined above.
When is the consumer in equilibrium?
Identify the correctly matched pair of column A to that of Column B:
| Column A | Column B |
| (1) Marginal Utility | (a) The power or capacity of a commodity to satisfy human wants. |
| (2) Cardinal measure of utility | (b) The addition to total utility on consuming an additional unit of a commodity. |
| (3) Total Utility | (c) It is the sum total of utility derived from the consumption of all units of a commodity. |
| (4) Utility | (d) It is that measurement of utility, which is measured in terms of units. |
Which of the following are the correct assumptions for the utility approach?
The utility is a ______ concept.
If the total satisfaction from eating three bananas is 22 utils, this total is known as ______.
What does "marginal utility" mean?
In consumer equilibrium, a consumer ______.
According to the concept of utility, why does demand usually rise when price falls?
