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 ?
A 2014 LBNL study by Megan Billingsley examined over 100 programs across 31 states over a three-year period and found an average total utility cost of 2.1 cents /kWh and 38 cents /[herm.
Thus, total utility between the two of them will rise from this forced transfer.
About one-third of the total utility capex will be eligible for timely recovery under rate rider mechanisms, mitigating concerns about regulatory lag.
Navigant Research estimates that total utility spending on various blockchain-based platforms is expected to reach $3.7 billion by 2026.
The average residential user will pay an extra $2.30 per month on the total utility bill, representing a 3.3 percent increase.
The term is defined as a form of total utility, given by the product of the quantity of a good that an economic agent owns and its marginal utility.
Finally, the enterprise will make decisions based on the expected total utility that includes actual profits and psychological satisfaction.
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.
Figure 6(b) shows the modeled total utility costs (energy + water) for the two heat rejection systems relative to the ambient DB temperature.
Equipped as a total utility management partner, UtiliSave benefits not only large energy consumers, but also Efficiency Project Providers and ESCOs/Utility Companies.