Examlex
Discuss some of the advantages and disadvantages between using a Magazine vs. Radio as an advertising medium.
Total Utility
Total utility is the total satisfaction or pleasure a person derives from consuming a particular quantity of goods and services.
Marginal Utility
The change in satisfaction or utility that an individual gains from consuming an additional unit of a good or service.
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming one more unit of a product or service.
Utility Maximizing Rule
A principle in economics stating that to maximize satisfaction or utility, consumers allocate their expenditures so that the last unit of currency spent on each product provides the same level of marginal utility.
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