Question

Answer in details:
What is utility ? What are the feature of utility.

Answer 1

Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. Characteristics of Utility are:

• Utility is psychological: It depends on the mental attitude and assessment of the person consuming the commodity and also his likes and dislikes.
  
• Utility is individual and Relative: It differs from person-to-person, place-to-place and time-to-time.
  
• Utility cannotbe measured objectively: It is a feeling and thus cannot be measured in numerical terms.
  

• Utility has no moral significance: It satisfies any want, moral, immoral, right or wrong.