Question

Define Utility
and it's features.
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Answer 1

Answer:

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Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. 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.

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Answer 2

Answer:

Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity.

FEATURES :

Utility has no Ethical or Moral Significance .

Utility is Psychological .

Utility is always Individual and Relative.

Utility is not Necessarily Equated with Usefulness .

Utility cannot be Measured Objectively .

Utility Depends on the Intensity of Want .