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Question
What kind of satisfaction is utility which a consumer derives when he is willing to spend money on a stock of commodity which has the capacity to satisfy his want?
What kind of satisfaction is utility which a consumer derives when he is willing to spend money on a stock of commodity which has the capacity to satisfy his want?
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Solution
The correct option is B Expected utility
Expected utility refers to the kind of satisfaction which a consumer derives when he is willing to spend money on a stock of commodity which has the capacity to satisfy his wants. The consumers expect some kind of satisfaction when they purchase the goods which they want to consume, which is termed as utility.
Expected utility refers to the kind of satisfaction which a consumer derives when he is willing to spend money on a stock of commodity which has the capacity to satisfy his wants. The consumers expect some kind of satisfaction when they purchase the goods which they want to consume, which is termed as utility.
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