utility characters

Utility:
Utility may deffer form person to person,time to time,and place to place
There are Three types of utilities.They are

1. Initial utility 
2. Total utility 
3. Marginal utility 

Initial utility :The  satisfaction derived from the consumption of first unit of any product is known as initial utility 

Total utility:The total satisfaction derived from an consumption of any product is know as total utility 

Marginal utility:The satisfaction obtained from consumpting one additional unit of any product is known as marginal utility 

The utility diminishes over time the shorter the time period the more quickly marginal diminishes.consumers are not same at the rate which mu depends upon the individual tastes and preferences and it may also differ among the consumers 

We can also measure the utility in the terms of units known as utils.which represents the satisfaction of an consumer at consuming one particular goods