Question

Give Reason or explain the following:
Characteristics of Utility Or Features of Utility .

Answer 1

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.