{"id":70660,"date":"2022-02-14T20:40:00","date_gmt":"2022-02-14T15:10:00","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=70660"},"modified":"2024-02-21T17:32:51","modified_gmt":"2024-02-21T12:02:51","slug":"important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/","title":{"rendered":"Important Questions for Class 12 Economics Utility,Total Utility , Marginal Utility and its Law"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' style='display:block'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/#Theory_of_Consumer_Behaviour_Important_Questions_for_class_12_Economics_Utility_Total_Utility_Marginal_Utility_and_Its_Law\" title=\"Theory of Consumer Behaviour Important Questions for class 12 Economics Utility, Total Utility, Marginal Utility and Its Law\">Theory of Consumer Behaviour Important Questions for class 12 Economics Utility, Total Utility, Marginal Utility and Its Law<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/#Previous_Years_Examination_Questions\" title=\"Previous Years Examination Questions\">Previous Years Examination Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/#1_Mark_Questions\" title=\"1 Mark Questions\">1 Mark Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/#3_Marks_Questions\" title=\"3 Marks Questions\">3 Marks Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/#6_Marks_Question\" title=\"6 Marks Question\">6 Marks Question<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2>Theory of Consumer Behaviour Important Questions for class 12 Economics Utility, Total Utility, Marginal Utility and Its Law<\/h2>\n<p><strong>1.Consumer<\/strong> The one who takes decisions about what to buy for the satisfaction of wants, both as an individual or as a member of a household, is called a consumer.<\/p>\n<p><strong>2.Utility<\/strong> The want satisfying power of a good is called utility.<\/p>\n<p><strong>3.Cardinal Measurement of Utility<\/strong> It is that concept of utility which advocates that utility can be measured in terms of units like 2, 4, 6, 8, etc. In other words, utility is measurable in standard numerical units, known as\u2018utils\u2019.<\/p>\n<p><strong>4.Ordinal Measurement of Utility<\/strong> According to this utility cannot be measured in numerical units, a consumer can (at best) rank his preferences in the sets of most preferred to least preferred sets.<\/p>\n<p><strong>5.Total Utility (TU)<\/strong> It is the sum total of Marginal Utilities derived from the consumption of all the units of a commodity. TU = MU<sub>X<\/sub> + MU<sub>2<\/sub>+\u2026.+MU\u201e or LMU<\/p>\n<p><strong>6.Marginal Utility (MU)<\/strong> It refers to additional utility on account of the consumption of an additional unit of a commodity.<\/p>\n<p>MU=TU<sub>n<\/sub> -TU<sub>n<\/sub>_<sub>1 <\/sub><\/p>\n<p>Where, MU = Marginal Utility<\/p>\n<p>TU<sub>n<\/sub> = Total Utility at V units TU<sub>n<\/sub>_i= Total Utility at (n \u2013 1) units.<\/p>\n<p><strong>7.Relationship between Total Utility (TU) and Marginal Utility (MU)<\/strong><\/p>\n<p>(i)When MU is positive (+), TU rises.<\/p>\n<p>(ii)When MU is zero (0), TU is maximum.<\/p>\n<p>(iii) When MU is negative (-), TU starts declining.<\/p>\n<p><strong>8.Law of Diminishing Marginal Utility<\/strong><\/p>\n<p>The law states that as more and more standard units of a commodity are continuously consumed, Marginal Utility derived from each successive units goes on diminishing. It is also called fundamental law of satisfaction<\/p>\n<p><strong>9.Assumptions of Law of Diminishing Marginal Utility<\/strong><\/p>\n<p>(i)Cardinal measurement of utility.<\/p>\n<p>(ii)Price of the good remain constant.<\/p>\n<p>(iii) Income of the consumer do not change,<\/p>\n<p>(iv) Consumption should be continuous and of some standard units.<\/p>\n<p><strong>10.Law of Equi-marginal Utility<\/strong><\/p>\n<p>The law states that in order to maximise their satisfaction a consumer must spend his money on two goods in such a manner that the ratio of Marginal Utility of a commodity to its price becomes equal to the ratio of Marginal Utility of other commodity to its price <img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/22866988626_409ab24371_o.png\" alt=\"important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law-t-3-1\" width=\"148\" height=\"73\" \/><\/p>\n<p>where X and Y are two commodities.<\/p>\n<h3><strong>Previous Years <\/strong><strong>Examination Questions<\/strong><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1_Mark_Questions\"><\/span><strong>1 Mark Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>1.Define utility. (Compartment 2014, Foreign 2014, Ail India 2010,2006)<\/strong><\/p>\n<p><strong>Ans.<\/strong> The wants satisfying power of a good is called utility.<\/p>\n<p><strong>2.Define Marginal Utility (MU). (AllIndia2011)<\/strong><\/p>\n<p><strong>Ans.<\/strong> Marginal Utility (MU) refers to additional utility on account of the consumption of an additional unit of a commodity. MU=TU<sub>n<\/sub>-TU<sub>n<\/sub>_1 \u2018 Where, MU = Marginal Utility, TU = Total Utility<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Marks_Questions\"><\/span><strong>3 Marks Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>3.Explain the Law of Diminishing Marginal Utility with the help of a utility schedule. <\/strong><strong>(Delhi 2013)<\/strong><\/p>\n<p><strong>or<\/strong><\/p>\n<p><strong>Explain the Law of Diminishing Marginal Utility with the help of a Total Utility schedule. <\/strong><strong> (All India 2011; Delhi 2010)<\/strong><\/p>\n<p><strong>Ans.<\/strong> It is the fundamental Law of Utility approach to consumer\u2019s equilibrium. This law states that as more and more standard units of a commodity are continuously consumed, the Marginal Utility obtained from each successive unit goes on diminishing. This law is also called as a \u2018Fundamental Law of Satisfaction\u2019 or \u2018Fundamental Psychological Law\u2019.<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/22474595377_5fe59ccdf9_o.png\" alt=\"important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law-t-3-2\" width=\"828\" height=\"352\" \/><\/p>\n<p>The above schedule shows that with the consumption of successive unit of a commodity, the level of satisfaction falls and becomes negative or in other words, MU tends to decline as consumption of the commodity increases.<\/p>\n<p><strong>Note<\/strong> The above law is based upon certain assumptions. It is assumed that the different unit consumed should be identical in all respects and consumption should be continuous.<\/p>\n<p><strong>4.Define Marginal Utility (MU). State the Law of Diminishing Marginal Utility.<\/strong><strong>(All India 2006)<\/strong><\/p>\n<p><strong>Ans<\/strong>. Marginal Utility (MU) refers to additional utility on account of the consumption of an additional unit of a commodity. MU=TU<sub>n<\/sub>-TU<sub>n<\/sub>_1 \u2018 Where, MU = Marginal Utility, TU = Total Utility It is the fundamental Law of Utility approach to consumer\u2019s equilibrium. This law states that as more and more standard units of a commodity are continuously consumed, the Marginal Utility obtained from each successive unit goes on diminishing. This law is also called as a \u2018Fundamental Law of Satisfaction\u2019 or \u2018Fundamental Psychological Law\u2019. <img loading=\"lazy\" class=\"aligncenter\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/22474595377_5fe59ccdf9_o.png\" alt=\"important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law-t-3-2\" width=\"828\" height=\"352\" \/><\/p>\n<p>The above schedule shows that with the consumption of successive unit of a commodity, the level of satisfaction falls and becomes negative or in other words, MU tends to decline as consumption of the commodity increases.<\/p>\n<p><strong>Note<\/strong> The above law is based upon certain assumptions. It is assumed that the different unit consumed should be identical in all respects and consumption should be continuous.<\/p>\n<p><strong>5.Define utility. State the Law of Diminishing Marginal Utility. (Delhi 2006C)<\/strong><\/p>\n<p><strong>Ans.<\/strong>The wants satisfying power of a good is called utility. It is the fundamental Law of Utility approach to consumer\u2019s equilibrium. This law states that as more and more standard units of a commodity are continuously consumed, the Marginal Utility obtained from each successive unit goes on diminishing. This law is also called as a \u2018Fundamental Law of Satisfaction\u2019 or \u2018Fundamental Psychological Law\u2019. The above schedule shows that with the consumption of successive unit of a commodity, the level of satisfaction falls and becomes negative or in other words, MU tends to decline as consumption of the commodity increases.<\/p>\n<p><strong>Note<\/strong> The above law is based upon certain assumptions. It is assumed that the different unit consumed should be identical in all respects and consumption should be continuous.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Marks_Question\"><\/span>6 Marks Question<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>6.Explain the difference between cardinal utility and ordinal utility. Give example. <\/strong><strong>(All India 2012)<\/strong><\/p>\n<p><strong>Ans.<\/strong> Difference between cardinal utility and ordinal utility<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Theory of Consumer Behaviour Important Questions for class 12 Economics Utility, Total Utility, Marginal Utility and Its Law 1.Consumer The [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"Get Important Questions for Class 12 Economics Utility,Total Utility , Marginal Utility and its Law on Infinity Learn.","custom_permalink":"study-material\/cbse-notes\/class\/economics\/important-questions-for-class-12-economics-utilitytotal-utility-marginal-utility-and-its-law\/"},"categories":[92,93,21],"tags":[],"table_tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - 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