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Amar Kumar 8 years, 4 months ago
Total Utility (TU): Total utility is the total satisfaction obtained from all units of a particular commodity consumed over a period of time. For example, a person consumes eggs and gains 50 utils of total utility. This total utility is the sum of utilities from the successive units (30 utils from the first egg, 15 utils from the second and 5 utils from the third egg).
Summing up total utility is the amount of satisfaction (utility) obtained from consuming a particular quantity of a good or service within a given time period. It is the sum of marginal utilities of each successive unit of consumption.
Formula: TUx = ∑MUx
Marginal Utility (MU):Marginal utility means an additional or incremental utility. Marginal utility is the change in the total utility that results from unit one unit change in consumption of the commodity within a given period of time. For example, when a person increases the consumption of eggs from one egg to two eggs, the total utility increases from 30 utils to 45 utils. The marginal utility here would be the15 utils of the 2nd egg consumed.
Marginal utility, thus, can also be described as difference between total utility derived from one level of consumption and total utility derived from another level of consumption.
Formula: MU = ∆TU/ ∆Q
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| Absolute Poverty | Relative Poverty |
| Any person not in a position to obtain essential commodities like food, shelter and clothing are said to experience absolute poverty | Relative poverty does not concentrate on biological needs but rather makes a comparison between two people in the environment |
| Income Level is considered in Absolute Poverty | It is not considered when measuring relative poverty as a person will still be considered poor despite meeting his.her basic needs |
| Absolute poverty, however, does not include a broader quality of life issues or the overall level of inequality in society. What the concept fails to recognize is that individuals also have important social and cultural needs. | Although people living in relative poverty are to an extent well-off compared to those living in absolute poverty, they still cannot afford the same standard of life as other people in society. |
| Measured using Poverty Line | Measured Using the Gini-Coefficient and Lorenzo Curve |
| It is not possible to completely eradicate absolute | There is a small margin of success where its eradication is concerned |
| Quality of life is poor | Quality of life is marginally better as those living under relative poverty have access to health care services |
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Aditya Vijay 8 years, 4 months ago
1Thank You