Question

Characteristics of utility

Answer 1

Explanation:

A Utility of a good differs from one consumer to another.

It keeps on changing for the same consumer due to change in the amount of the desires.

It should not be equated with its usefulness.

Characteristic of Utility :-

• It is dependent upon human wants.
• It is immeasurable.
• It depends on knowledge.
• Utility depends upon use.
• It is subjective.
• It depends on ownership.
• Utility is Subjective.
• Utility is Relative.
• Utility is Abstract.

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