‘Economics is a study of mankind in the ordinary business of life’ -It is the statement of
a. Adam Smith
b. Lionel Robbins
c. Alfred Marshall
d. Samuelson
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Utility is considered to be the quality in association with a commodity by virtue of which it is capable of satisfying human want.
It must be noted that utility is not synonymous with pleasure.
None of the commodities utility in an independent manner for the consumer!
From utility is formed due to change in form of a matter from one state to another. T
wo main types of utility are:
Place utility is all about the concept when goods are transferred from one place to another.
It must be noted that utility is not synonymous with pleasure.
None of the commodities utility in an independent manner for the consumer!
From utility is formed due to change in form of a matter from one state to another. T
wo main types of utility are:
Place utility is all about the concept when goods are transferred from one place to another.
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