Demand utility theory and consumer surplus - N

demand curve shoes the relationship between price charged and quantity demanded, inversely proportionate

utility theory looks at the satisfaction that a consumer gains from consuming a product

split up into two key concepts: marginal utility and total utility

marginal utility

the benefit of consuming an extra unit

total utility

the total level of satisfaction that is gained by a consumer from the consumption of the products that they consume

marginal utility and the demand curve