Featured
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Featured
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What you'll learn
Definition of Utility: Understanding the meaning and importance of utility in economics.
Types of Utility: Learn about form utility, place utility, time utility, and service utility.
Concept of Total and Marginal Utility: Differentiate between total utility and additional satisfaction derived from consuming one more unit.
Law of Diminishing Marginal Utility: Explore how utility decreases as consumption increases.
Utility Maximization: How consumers allocate resources to maximize satisfaction.
Cardinal vs. Ordinal Utility: Understanding the difference between measurable and ranked satisfaction.
Consumer Behavior: Insights into how utility influences decision-making.
Practical Applications: Real-life scenarios where utility is applied in decision-making.
