... is a measure of the emotional experience associated with the outcome of a choice so basically the satisfaction from the consumption of a good. We talk about 'total utility' meaning the total satisfaction a person gains from all units of a commodity consumed within a time period. We also use the term 'marginal utility' which is additional satisfaction gained from consuming one extra unit within a time period. There is a general model of rational choice where economists assume that agents such as decision makers will firstly identify a feasible set of options and then assess the expected utility of each option and therefore choosing the option which gives the highest expected utility. Economists assume that agents are 'utility maximisers'. However the consequences of making a choice that may seem rational is not always taken into consideration as in many cases the choice taken may be actually irrational. For example, ...

See this essay or coursework document in full right now