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PART-TIME WORKERS: People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers don't need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 10 of 22

Topic: Incremental Satisfaction <=PAGE BACK | PAGE NEXT=>

  • While total utility is a handy measure, a more useful measure is marginal utility.

  • Marginal utility is the additional utility, or satisfaction of wants and needs, obtained from the consumption or use of an additional unit of a good or service.
  • Marginal utility is, in other words, the extra satisfaction achieved from an extra unit of good.
  • A handy formula:

    marginal utility = change in total utility
    change in quantity


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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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