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UNIT – II UTILITY ANALYSIS Introduction: A consumer demands a good or a
service. He demands a good because it gives him utility. Wants – satisfying
capacity of a good is called utility. Meaning of Utility: The term utility in
economics is used to denote that quality in a commodity or service by virtue of
which our wants are satisfied. In other words, want – satisfying power of a good
is called utility. Definitions: • According to Jevons, “Utility refers to
abstract quality whereby an object serves our purpose. • In the words of Hibdon,
“Utility is the quality of good to satisfy a want.” • According to Mrs.
Robinson, “Utility is the quality in commodities that makes individuals wants to
buy them”. Features: 1.Utility is Subjective: as it deals with the mental
satisfaction of a man. A thing may have different utility to different persons.
E.g. Liquor has utility for drunkard but for person who is teetotaller, it has
no utility. 2.Utility is Relative: As a utility of a commodity never remains the
same. It varies with time and place. E.g. Cooler has utility in summer not
during winter season. 3.Utility is not essentially Useful: A commodity having
utility need not be useful. E.g. Liquor and cigarette are not useful, but if
these things satisfy the want of addict then they have utility for him.
4.Utility is independent of Morality: It has nothing to do with morality. Use of
opium liquor may not be proper from moral point of view, but as these
intoxicants satisfy wants of the opium – eaters, drunkards, they have utility.
Concepts of Utility: 1)Initial Utility: The utility derived from the first unit
of commodity is called initial utility. It is obtained from the consumption of
the first unit of a commodity. It is always positive. 2)Total Utility: The
aggregate of utility obtained from the consumption of different units of a
commodity, is called Total utility. 1 Tux = f (Qx) Tux = total utility of x is a
function (f) of quantity of commodity x. 3)Marginal Utility: The change that
takes place in the total utility by the consumption of an additional unit of
commodity is called marginal utility. Marginal utility can be: a)Positive
Marginal Utility: If by consuming additional units of commodity, total utility
goes on increasing, then marginal utility of these units will be positive.
b)Zero Marginal Utility: If the consumption of additional unit of commodity
causes no change in the total utility, it means the marginal utility of
additional unit is zero. c)Negative Marginal Utility: If the consumption of an
additional unit of a commodity causes fall in total utility, it means the
marginal utility is negative. Relation between Total Utility and Marginal
Utility: Total utility is the summation of the marginal utilities of different
units of a commodity. Table: Quantity Total Utility Marginal Utility Description
0 0 - 1 8 8–0=8 Initial Utility 2 14 14 – 8 = 6 3 18 18 – 14 = 4 4 20 20 – 18 =
2 Positive Utility 5 20 20 – 20 = 0 Zero Utility 6 18 18 – 20 = -2 Negative
Utility Table shows that: a) As more and more units of commodity is consumed,
the marginal utility derived from each successive unit goes on diminishing. But
the total utility increases up to a limit. 2 MUnth = Tn – Tn-1 or MU = change
TU/ change Q MUnth = Marginal utility of nth unit.
Tn = total utility of n units.
Tn-1 = total utility of n-1 units
Change TU = change in total utility
Change Q = change in the quantity of commodity
TU = MU Total utility is summation of Marginal utility b) Marginal utility of
the first four units being positive, the total utility goes on increasing. Thus
as long as the marginal utility of the commodity remains positive, total utility
goes on increasing. c) Marginal utility of the fifth unit is zero. In this
situation total utility (20) will be maximum. This situation also represents
point of saturation. d) Marginal utility of the sixth unit is negative. As a
result of it, total utility of six units of the commodity falls from 20 to 18
units. Total Utility Curve [A] Y O X Marginal Utility Curve [B] YO X 3 OY – Axis
Utility, OX – Axis Quantity Figure A • TU represents Total utility • It slopes
upwards upto point F means TU is rising upto the consumption of 4 unit. • From
point F to G TU is constant • Point G represents maximum total utility. • After
point G, TU slopes downwards,
meaning there by utility becomes
negative and total utility begins to fall.
Figure B • MU represents Marginal Utility • It slopes downwards from left to
right;
MU of successive units goes on
diminishing.
• Upto fourth unit of commodity, MU goes
on diminishing but TU goes on
increasing.
• At the fifth unit MU curve touches OX –
axis, MU utility is zero and TU is
maximum.
• After fifth unit MU curve intersects Ox – a x is a n d s lo p e s d o w n w a
rd . M e a n s th a t Can utility be measured? It can be attempted to measure
by two methods: 1.Measurement in terms of Money: In order to measure the utility
in terms of money, it is estimated what amount of money a man is willing to pay
for a thing. 2.Measurement in terms of Units: Prof. Fisher has used the
term,“Util”, as a unit for the measurement of utility. In this method utility is
expressed in Utils. Criticism of the Measurement of Utility: It has been
criticized by Prof. Samuelson as the value of money keeps changing. Therefore
utility cannot be measured definitely in the terms of money. Laws of Utility
Analysis: Utility has two main laws: Law of Diminishing Marginal Utility Law of
Equi – Marginal Utility LAW OF DIMINISHING MARGINAL UTILITY Law of Diminishing
Marginal Utility is the foundation stone of utility analysis. All of us
experience this law in our daily life. If you buy pen at any given time, then as
the number with you is increasing, the marginal utility from each successive pen

will go on decreasing. It is the reality of man’s life which is referred to in

economics as Law of Diminishing Marginal Utility. Definitions: • According to
Marshall, “The additional benefit which a person derives from a given stock of a
thing diminishes with every increase in the stock that he already has.” •
According to Chapman, “The more we have of a thing, the less we want additional
increments of it or more we want not to have additional increments of it.” •
According to Samuelson, “As the amount consumed of good increases, the marginal
utility of a good tends to decrease.” It is clear from the above definitions
that at a given time when we go on consuming additional units of a commodity,
the marginal utility from each successive unit of that commodity, other things
being equal, goes on diminishing in relation to the preceding unit. It is this
diminishing tendency of the marginal utility that has been enshrined in the law
of diminishing marginal utility. 4 Assumptions: 1. Utility can be measured in
the Cardinal number system.
2. Marginal Utility of money remains constant.
3. Marginal Utility of every commodity is independent.
4. Every unit of the commodity being used is of same quality and size.
5. There is a continuous consumption of commodity
6. Suitable quantity of a commodity is consumed.
7. There is no change in the income of consumer.
8. There is no change in the price of commodity and its substitutes.
9. There is no change in the tastes, character, fashion, and habits of consumer.
Explanation: The law can be explained with the help of the table and figure
below: Table No. of Ice Cream Cups Marginal Utility First 4 Second 3 Third 2
Fourth 1 Fifth 0 Sixth -1 Y A 4 +Ve 3 Point of Saturation 21 Zero MU C O X 1 2 3
4 5 6 -1 B 5 Table Shows: • The table shows that first cup of ice cream yields
4utils of marginal utility. • The second cup of ice cream will yield less
marginal utility than the first one i.e. 3utils. • Third cup will yield still
less MU, say 2utils. • Fourth cup will yield just 1utils of MU. At this stage
want may be fully satisfied. • Thus fifth cup will yield zero MU. If you are
forced to take sixth cup of ice cream it may upset system and yields negative
utility say, -1 util. In the Figure: • OX axis – Ice Cream(Quantity) • OY axis –
Marginal Utility(MU) • AB is Marginal Utility Curve (MUC) • It slopes downward
from left to right (negative slope) indicating first cup
of ice cream 4 utils, second 3 utils,
third 2 utils and fourth 1util of
marginal utility. Fifth cup of ice –
cream yields zero marginal utility.
• AB curve touches OX – axis at point C that represents fifth cup of ice cream.
• sixth cup of ice cream yields negative marginal utility and so AB curve goes b
e lo w O X – a x is . Exceptions: Law does not apply under the following
situations: 1.Curious and rare things Law does not apply to rare or curious
things like persons who collect old and rare coins, postage stamps as increasing
marginal utility as the stock of these rare articles goes on increasing. They
are always keen to obtain more and more units of such things. 2.Misers It seems
law does not apply to misers who are out to acquire more and more of wealth.
Their desire for money seems to be insatiable. 3.Good book or poem It is said
that by reading a good book or listening to a melodious song and a beautiful
poem again and again one gets more utility than before. 4.Drunkards It can be
said that when a drunkard takes a liquor and intoxicant than as he takes more
and more pegs of liquor his desire to have more of it goes on increasing.
5.Initial units When the initial units of a commodity in used in less then
appropriate quantity, then the marginal utility from the additional units goes
on increasing. In short, Prof Taussig has rightly said that the tendency of law
of diminishing marginal utility is so widely relevant that it would not be wrong
to call it as universal law. Causes of its application: 1.Commodities are
imperfect substitutes. According to this law it applies because commodities are
imperfect substitutes. In other word one commodity cannot always be used for
other commodity. Example tea in place of coffee or vice versa. 2.Satiability of
particular wants Another cause of its application is that there is hardly any
particular want which cannot be fully satisfied. As before arriving at
saturation point total utility increases at a diminishing rate and at saturation
point is no increase in it. 3.Alternative uses Each commodity has many
alternative uses. Some uses are more important while others are less. Example
every consumer gives first priority to the most important use. If we have to
give little quantity of milk, it will be used for feeding the infant only, but
if we have large quantity of milk then after feeding the infant rest can be used
for making tea for elders or for making curd etc. Importance of the law 1.Basis
of the law of consumption Law of diminishing marginal utility is the basis of
all law of consumption. There are three laws of consumption: a)Law of equi
marginal utility According to this law a consumer does not spend all his income
on one commodity. In order to get the maximum6 satisfaction the consumers spends
his income in such a way that the last unit of money spent on different
commodities yield equal marginal utility. b)Law of demand According to this law
a consumer will demand more units of a commodity at low price. c)Concept of
consumer surplus According to this concept unit prior to the marginal unity
yield more utility. This surplus utility is called consumer surplus. 2.Variety
in production and consumption It is because of the operation of the law of
diminishing marginal utility that variety in production and consumption is
found. Continuous consumption of one commodity will yield less and less marginal
utility to the consumers. So every prudent consumer stops the consumption of
that good after a particular limit and shift to other commodity. 3.Difference
between value in use and value in exchange According to Adam Smith goods having
more value in use command low price and those having more value in exchange
command high price. It can be explained on the basis of diminishing marginal
utility as there is abundant supply of water air etc and the same can be used in
large quantity, consequently there marginal utility falls rapidly and so is the
price. Thus goods having more value in use have less marginal utility. 4.Price
determination Price of every commodity is determined by its demand and supply.
Demand for a commodity depends upon its marginal utility. The consumer buys more
units only when the price per unit falls. 5.Basis of progressive taxation
Progressive taxation system refers to that system of taxation under which rate
of taxation increases as the income of person increases. It is so because with
increase in income marginal utility of money goes on diminishing. 6.Advantage to
the consumer According to this law, in order to get maximum satisfaction from
the consumption of a good a consumer should buy only that many units of it whose
marginal utility is equal to its price. 7.Basis of redistribution According to
this law the fundamental reason of redistribution of income is that marginal
utility of money to the rich is less then to poor. So it wealth is redistributed
in favor of poor, total welfare of society would increase. Derivation of demand
curve with the help of law of diminishing marginal utility: The price that
consumer pays for a commodity is equal to its Marginal utility. According to law
of diminishing marginal utility, as a consumer goes on purchasing more and more
units of a commodity its marginal utility goes on diminishing. As such consumer
will buy more units of commodity only when its price goes down. When marginal
utility is 7 expressed in terms of money, in that case, positive part of
marginal utility curve will be the demand curve. Y [A] Y [B] M D Diminishing MU
M1 P1 Demand Curve Price M2 P2 M3 P3 D O Q1 Q2 Q3 U X O Q1 Q2 Q3 X Quantity
Quantity When marginal utility is shown on OY – axis then the curve obtained
will be marginal utility curve. In case, price is shown on OX – axis then the
curve obtained will be called demand curve as is indicated in figure above.
Figure A represents marginal utility curve. Figure B represents demand curve.
This DD demand curve has been drawn with the help of marginal utility curve.(MU)
Criticism: 1.Cardinal measurement of utility is not possible. The assumption of
the law that marginal utility can be measured in cardinal numbers is not
correct. In the absence of cardinal measurement one cannot calculate diminishing
marginal utility. 2.Marginal utility of money is not constant. According to this
law money is taken as the measure of utility. But the marginal utility of money
itself never remains constant as money cannot be reliable. 3.Every commodity is
not an independent commodity. No commodity is independent, as the marginal
utility of one commodity has no effect on the consumption of other commodities.
It is very difficult to make precise estimate of marginal utility. 4.Marginal
utility cannot be estimated in all conditions Marginal utility of only those
commodities can be estimated which are divisible, but in real life many
commodities are not divisible. Example, 5.Unrealistic assumption This law is
based on many unrealistic assumptions. It is applicable only when the tastes,
habits, fashion, income etc. of the consumer remains constant. But in actual
life all these are ever changing. 8 LAW OF EQUI – MARGINAL UTILITY Law of equi
– marginal utility is the second important law of utility analysis. This law
point out of how a consumer can get maximum satisfaction out of his given
expenditure on different goods. This law concerning the expenditure of the
consumer was propounded in 19th century by a French engineer Gossen. Dr Marshall
has called it law of Equi Marginal Utility. It states that in order to get
maximum satisfaction, consumer should spend his limited income on different
commodities in such a way that the last rupee spent on each commodity yield him
equal marginal utility. Left witch refer to it as the general principal for
maximization of consumer satisfaction. In simple words it is called as law of
maximum satisfaction. Definitions: • According to Dr. Marshall, “If a person has
a thing which he can put to several uses, he will distribute it among these uses

in such a way that it has the same marginal utility in all.” • According to
Prof. Lipsey “The household maximizing utility will so allocate its expenditure
between commodities that the last penny spent on each is equal.” • According to
Samuelson “A consumer gets maximum satisfaction when the ratio of marginal
utilities of all commodities and their price is equal.” If the prices of the
commodities are equal, then maximum satisfaction to the consumer can be
indicated in the following equation: In the above equation MU1, MU2, MU3 refers
to marginal utility of the first, second, third commodity and P1, P2, P3 refers
to the price of all commodity. Assumptions: 1. Cardinal measurement of utility
is possible.
2. Consumer is rational that he wants maximum satisfaction from his income.
3. Income of consumer is constant.
4. Marginal utility of money remains constant.
5. Price of the commodity remains constant.
6. Commodity is divisible into small units.
7. The consumption takes place at a given period of time.
9 MU1 MU2 MU3 = = P1 P2 P3 MU1 = MU2 = MU3 Explanation: The law can be
explained with the help of table and figure below: Table Rupee Spent MU of
Mangoes MU of Milk 1st 12 10 2nd 10 8 3rd 8 6 4th 6 4 5th 4 2 Y MU of Mangoes Y
MU of Milk [A] [B] 12 12 10 10 Equi – Marginal Utility Line 8 Utility 8 6 6 4 4`
O 1 2 3 4 5 X O 1 2 3 4 5 X10 In the figure above: • OY axis – Marginal Utility,
OX – Units of Rupees • The figure indicates that if the income of the consumer
is Rs. 5, he will spend Rs. 3 on mangoes and Rs. 2 on milk because third rupee
spent on mangoes and second rupee spend on milk yield equal marginal utility
i.e. 8utils. • Line adjoins the figure represents equal marginal utility derived
from the last rupee spent on both the goods. • By distributing his income on
mangoes and milk in this manner the consumer gets total utility of 48 utils. •
It will be the maximum total utility derived by the consumer out of his
expenditure of Rs.5. • It is by spending his income the consumer in this manner
that the consumer will get maximum satisfaction. Y MU of Mangoes Y MU of Milk
12 12 10 10 E 8 A 8 F 6 B 6 4 Gain 4 Loss D C H G O 1 2 3 4 5 X O 1 2 3 4 5 X
Rupees Rupees Importance of the law: 1.Consumption Every consumer wants to get
maximum satisfaction from his limited means. He spends that last unit of money
in a way to get maximum satisfaction. 2.Production Every producer aims at
earning maximum profit. A producer must go on substituting various factors until
marginal productivity of each factor is equal. 3.Exchange It implies replacing
of goods giving less utility with goods giving more utility. Acting upon the law
every person will go on substituting goods giving more utility for the ones
giving less utility, till the marginal utility of all becomes equal.
4.Distribution It refers to the distribution of national income among the
factors of production that is land labor, capital etc. it is done in such a way
that in the long run every factor gets share out of national income according to
its marginal utility. 5.Public finance The law also has importance in this
sphere of public finance, that revenue and expenditure of the sate. It is
insured that the marginal benefit of every type of expenditure should be equal.
6.Distribution of income between saving and consumption According to this law
income should be distributed between consumption and saving that the last unit
of 11 • If the consumer spends his income on mangoes a milk in any other manner,
then his total utility will be less than the maximum; as in figure above. • OX
axis – Rupees OY axis – M. Utility • It is evident from the figure that by
spending one rupee on mangoes the consumer gains 6utils of marginal utility as
shown by ABCD area. • Similarly by spending one rupee less on milk, the consumer
loses 8utils of marginal utility as shown by EFGH area. money spent on present
consumption should yield the same utility as the last unit of money kept in the
form of saving. Such a distribution is called optimum allocation. 7.Optimum
distribution of commodities Optimum distribution of commodities refers to that
distribution, a slight change whereof may diminish the total utility enjoyed by
society as a whole. Optimum distribution becomes possible when a commodity is
distributed among different persons in such a way that marginal utility derives
from each person becomes equal. 8.Distribution of assets: This law helps people
distribute their assets in different forms like bank deposits, bonds, stock,
share etc. According to this law, investment should be made in different form of
assets in such a way that last unit of money invested in each form should yield
equal marginal utility. Criticism of the Law: 1.Consumers are not fully rational
The assumption that consumers are not fully rational is not correct. Some
consumers are idle by nature, and so to satisfy their habits and customs, they
sometimes buy goods yielding less utility. Consequently they do not get maximum
satisfaction. 2.Consumer is not calculating. The law is based on wrong
assumption that while spending his income a consumer constantly calculates the
utility derived by him out of each rupee spent. In actual life one hardly comes
across such a calculating consumer. So the application of this law is
practically difficult. 3.Shortage of goods If goods giving more utility are not
available in the market, the consumption will have to consume goods yielding
less utility. 4.Influence of Fashion, Customs and Habits Actual expenditure of
every consumer is influenced by fashion, customs, and habits. Under their
influence, many a time consumer buys more of such goods which give less utility.

5.Ignorance of the Consumer Consumer is ignorant about many things concerning

consumption. He is ignorant about right price of goods, less expensive
substitute, different uses of goods. The consumer fails to spend his income in a
manner that may yield him maximum satisfaction. 6.Indivisibility of Goods The
law does not apply to those goods which can not be divided into small parts e.g.
Car, LCD etc. 7.Constant Incomes and price Income of consumer is limited as such
he can not increase his satisfaction beyond a particular limit. Likewise, prices
being constant, he will get only as much of satisfaction as the amount of goods
that he can buy with his limited income. 12 8.Indefinite Budget period The
budget period of consumer is not definite. Budget periods refer to that period
in which a consumer has to spend his income of different uses. It may be a month
or an year. Goods like TV Set, Refrigerator are bought in one budget period, but
they continue to yield utility over many budget periods. 9.Cardinal measurement
of utility is not possible Utility can not be measured in cardinal number
system. How can a consumer say he would get 12utils of utility from first mango
and 10utils from second. Unless the marginal utility is estimated application of
the law remains dubious. 10.Change in the marginal utility of money In actual
life marginal utility of money may increase or decrease. When a consumer buys
more goods, he is left with less amount of money. Smaller the amount of money
higher is its marginal utility. As a result of it application of the law will
become pretty difficult. 11.Complementary goods The law does not apply to
complimentary goods because they are used in fixed proportion. By using less of
one commodity, use of other can not be increased. In short, Chapman has rightly
said about this law, “We are not, of course, compel to distribute our income
according to the law of substitution or Equi-marginal expenditure, as a stone
thrown in the air is compelled, in a sense to fall back to the earth but as a
matter of fact, we do so in a certain rough fashion because we are reasonable”.
Criticism of utility analysis: Economists like Edge worth, Pareto, Hicks, Allen,
and Samuelson etc. have criticized utility analysis on the following grounds:
1.Utility is subjective As it relates to man’s psychology. It is not possible to
objective about it. But the analysis of consumer’s demand based on it is
objective. 2.Cardinal measurement of Utility is not possible Utility cannot be
measured in cardinal number system like 1,2,3 because, utility derived from
different goods can neither be added or subtracted. 3.Every commodity is not an
independent commodity It means that utility of a commodity is very much
dependent upon the utility of other commodities. No commodity is independent
commodity. 4.Marginal utility cannot be estimated in all conditions It can only
be measured with commodities that can be measured which are divisible.
5.Marginal utility of money does not remain constant. As the quantity of money
with a person increases, its marginal utility diminishes and as the quantity of
money decreases, its marginal utility increases. 13 6.Too many assumptions.
Practicability of any theory depends on its practical assumptions. Many
assumptions like Cardinal number system, independent commodities etc. are
unrealistic and impracticable. 7.No division of price effect between income
effect and substitution effect As it does not indicate that when as a result of
change in price, demand changes, how much of this changed demand is due to
change in real income(Income effect), and how much due to substitution of good
for the expensive one (Substitution effect). 8.consumer is regarded as computer
According to this analysis while spending his money, consumer always compares
the amount of gain he will have by way of utility of the commodity purchased
with the loss that he will have to suffer by the way of sacrifice of the money
spent. But in real life none of us is calculating. 9.Utility analysis breaks
down in an under – developed planned economy Utility analysis is based on the
assumption that the taste of consumer remain unchanged. it may also be so for a
short period only but in long period, consumer’s taste undergo a change. In a
planned economy long – term plans are formulated keeping in view a fact that in
the long run demand of consumer will change with change in taste. 10.It does not
explain giffen’s paradox. As it has no answer to explain as to why demand curve
of many inferior goods slopes upward (positive slope) from left to right. In
other words, why demand extend with rise in price and why does demand contacts
with fall in price. In short, although utility analysis is based on many
unrealistic and impractical assumptions, yet being the first theory seeking to
determine consumer’s equilibrium, it will continue to occupy an important place.
It is worth mentioning that indifference analysis and revealed preference
analysis have their genesis in the scathing criticism of cardinal utility
analysis. ********************** 14 15
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