Question

Describe the relative concept.​

Answer 1

Answer:

Utility is a relative concept. This means that it is relative and differs from person-to-person, place-to-place and time-to-time. It is not standard and every individual will obtain a different level of satisfaction (utility) from the consumption of the same good.

Answer 2

$\begin{gathered}\sf{\dfrac{1}{2}}\:\\\\\sf{\dfrac{1}{5}}\end{gathered}$