Utility Analysis
Telangana Open School (TOSS) · Class 12 · Economics
Complete topic list for Utility Analysis in Telangana Open School (TOSS) Class 12 Economics. Key concepts, sub-topics, and what to focus on for board exams.
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Topics in Utility Analysis
Meaning and Measurement of Utility
- Utility refers to the want-satisfying power of a commodity.
- It is a subjective concept—different people derive different utility from the same good.
- Utility can be measured using two approaches: Cardinal and Ordinal.
Types of Utility
- There are four main types of utility: Form, Place, Time, and Service.
- Form Utility: Created when a product is transformed into a useful shape (e.g., wood into furniture).
- Place Utility: Generated by moving goods to where they are needed (e.g., rice from farm to market).
Law of Diminishing Marginal Utility
- As a consumer consumes more units of a good, the additional satisfaction (marginal utility) decreases.
- This law was introduced by H.H. Gossen and popularized by Alfred Marshall.
- Assumes rational behavior, constant income, and no change in tastes.
Law of Equi-marginal Utility
- Consumers distribute income across goods so that the marginal utility per rupee is equal for all.
- Also known as the Law of Maximum Satisfaction or Gossen’s Second Law.
- Helps achieve consumer equilibrium with limited income.
Key Concepts
Central concept: Utility Analysis
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