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 ?
These schedules are linked to external databases that then calculate total utility loads or costing information.
1) We set up a game model of coalition formation to maximize the total utility value of the system.
AC consumption accounts for around 80 per cent of electricity consumption, which in turn constitutes the bulk of the total utility bill, accounting for 70 to 80 per cent of the net amount during peak summer, the Sewa Conservation department pointed out.
The project will bring the total utility savings achieved to approximately $2.
A candidate shall not be considered fit if he at least reached a total utility value of 150 points of the maximum achievable total benefit of 400 points in the cost-benefit analysis with regard to the evaluation criteria for technical and professional capacity.
67 Total utility bill in 2019 for three-bedroom villa.
Equipped as a total utility management partner, UtiliSave benefits not only large energy consumers, but also Efficiency Project Providers and ESCOs / Utility Companies.
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.
The majority of the utility consumption is by electricity which is 89% of the total utility consumption.
where: Total Utility denotes the whole utility of the alternative for the president of the resort; [U.

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