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One of the first steps in small-group discussion is to assess the question the group has before them. Knowing which kind of question it is helps the group decide how to move forward. Identify and define these three types of questions, and provide an example of each.
Utility Schedule
A representation that shows various quantities of a commodity or service and the utility or satisfaction derived from each.
Marginal Utility
The augmented satisfaction or value derived from the consumption of one extra unit of a product or service.
Total Utility
Measures the total satisfaction or benefit that a person derives from consuming a certain quantity of a good or service.
Utility Schedule
A table showing the different levels of utility or satisfaction derived from consuming varying amounts of a good or service.
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