wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

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

Open in App
Solution

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.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Utility
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon