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 ?
The altruistic physician's personal utility is lower with strict liability, but his or her total utility defined as a weighted average of the physician's own and the patient's utility is higher under strict liability.
The total utility revenue requirement, the cost of providing service to each class, and rate design are all subjects in two current MPC case.
Other demonstrations in Fox's series show an animated skier skiing down a consumer indifference curve and a small hamburger riding to the top of a total utility curve.
Increased ability to remain price competitive +35 TOTAL UTILITY +180
When there are multiple outputs, the total utility is the average of the individual output utilities.
1] and T for different years estimate total utility levels.
Taxes on electricity and communications purchases together constitute 90% of total utility tax revenues.
Namely, utilitarian order only needs to meet the total utility of the coalition strictly bigger than the total utility of the coalition.
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 annual total utility cost savings are $1,373,606 compared to the operation without storage.
During February 2010, the company's total utility vehicle sales stood at 18,280 units, compared to 14,720 units in February 2009.
Total utility vehicle sales, including Scorpio, Xylo, Bolero and Pick- Ups, stood at 18,280 units against sales of 14,720 units in February 2009, up 24.

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