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Banking Term: Marginal Utility

Jun 2, 2015 13:00 IST
    • Marginal Utility is the increase in total utility of consumption of good which results from increasing the quantity of the goods consumed by one unit.
    • In other words, the marginal utility of a good or service is the gain from an increase, or loss from a decrease, in the consumption of that good or service.
    • It is an important economic concept because economists use it to determine how much of an item a consumer will buy. Positive marginal utility is when the consumption of an additional item increases the total utility.

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