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What is Total Utility and Marginal Utility Explained about?

Total utility is the sum of utility from all units consumed, while marginal utility is the utility from an additional unit. As consumption increases, total utility rises at a diminishing rate and marginal utility decreases, reaching zero when total utility is maximized. If consumption continues beyond this point, total utility decreases and marginal utility becomes negative.

Author

Shakib Al Hasan

Language

EN