Distinguish between Marginal utility and Total utility.
Marginal utility and Total utility.
|Basis of difference||Marginal utility||Total utility|
|Meaning||It is the addition to the total utility due to the consumption of an additional unit of a commodity.||It is the aggregate utility derived from the consumption of all the units of a commodity.|
|Utility derived||It is the utility derived from the additional or last unit consumed.||It is the utility derived from all the units consumed.|
Concept: Total Utility and Marginal Utility
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- Total Utility and Marginal Utility