total utility

Total Utility

In economics, the level of satisfaction a person derives from a good or service. Utility is inherently subjective and thus difficult to measure, but it is important to determining how much supply of a product the market can handle without diminishing demand. Historically, it has been thought that one can quantify the utility of each unit, but some economists disagree with this. See also: Austrian school, Law of Diminishing Marginal Utility.

total utility

the total satisfaction (UTILITY) an individual derives from the CONSUMPTION of a given quantity of a product in a particular time period. An individual's total utility usually increases as he or she consumes more and more of a product, but generally at a slower rate, each extra unit consumed adding less MARGINAL UTILITY than the previous unit as the individual becomes satiated with the product. See UTILITY FUNCTION, CARDINAL UTILITY, ORDINAL UTILITY, DIMINISHING MARGINAL UTILITY.
References in periodicals archive ?
achieve the effect of reducing the energy consumption of power and heat, which will result in a reduction of total utility costs incurred in the current operation of the facility;
The outcome of this control will help reduce the energy cost to almost 10% of the total utility cost.
The total utility bill for period December 2014 to May this year comes in at a cool PS16m.
where: Total Utility denotes the whole utility of the alternative for the president of the resort; [U.
partial derivative of total utility and trying to maximize it could lead
For the integrated discrete choice model, we verified that the expected and realized random utilities of modeled alternatives were computed correctly and that the model appropriately sent each potential shipment (tow) to the alternative with the greatest expected total utility.
06 per square foot towards total utility costs - split as AED4.
Spending rules generally emphasize budgetary stability ("stable") or total utility at the expense of volatility.
It has long been argued that transferring income from the rich to the poor increases total utility (or happiness) because of decreasing marginal utility of income.
The annual total utility cost savings are $1,373,606 compared to the operation without storage.
Investment in Total Utility Plant (TUP) increased to meet that demand growth.

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