Question

What are characteristics of utility ?

Answer 1

Characteristics of Utility are:

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

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