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Tag Archives | Differences

Total Utility and Marginal Utility | Commodity

The upcoming discussion will update you about the difference between total utility and marginal utility. Utility, in ordinary sense, means usefulness. But, in economics, it means want-satisfying power of a commodity or service — the power to satisfy a human want. Thus, a pen has utility to a teacher but not to an illiterate farmer. […]

Individuals Demand and Market Demand (Differences) | Economics

The upcoming discussion will update you about the difference between individuals demand and market demand. The demand schedule is a list of alternative price-quantity combi­nations. It shows the different quantities of a commodity that are likely to be demanded at alternative prices. According to R. G. Lipsey, the quantity demanded actually is a desired flow […]

Change in Demand and Change in Quantity Demanded | Differences

The upcoming discussion will update you about the difference between change in demand and change in quantity demanded. When there is a change in the price of a commodity, all other things remaining the same, there is movement along the same demand curve from one position to another. If price falls there is movement from […]

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