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Question
Answer the following questions.
What are the characteristic of utility ? Or Explain the feature of utility. Or Explain the nature of utility.
What are the characteristic of utility ? Or Explain the feature of utility. Or Explain the nature of utility.
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Solution
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 cannot be 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.
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 cannot be 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.
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