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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.

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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.

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