Examlex
Quality function deployment refers to both (1) determining what will satisfy the customer and (2) translating those customer desires into a target design.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from participating in the market.
Utility
Utility refers to the total satisfaction received from consuming a good or service.
Diminishing Utility
The principle that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.
Marginal Utility
The additional satisfaction or benefit obtained from consuming one more unit of a good or service.
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