Demand utility theory and consumer surplus - N

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5 Terms

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Demand Curve
The graphical representation of the relationship between the price charged for a product and the quantity demanded, which is inversely proportionate.
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Utility Theory
The theory that examines the satisfaction or benefit that a consumer gains from consuming a product.
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Marginal Utility
The additional benefit or satisfaction gained by consuming an extra unit of a product.
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Total Utility
The overall level of satisfaction that a consumer obtains from consuming all units of a product.
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Plot a graph using the table

y axis = 300→-150

x axis 0→7

total utility curved

marginal utility = demand curve