Question

1. Explainthe concept of utility?
2. How can measure utility?
3. Explain the types of utility?
4. Give the points of relation b/w Tu and Mu?
5. At which rate tu increases when Mu is diminshing?​

Answer 1

Answer:

Utility is a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good. Utility is the want satisfying power of any commodity or capacity of a commodity to give satisfaction.