Explain the various concepts of utility
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Utility is a loose and controversial topic in microeconomics. Generally speaking, utility refers to the degree of removed discomfort or perceived satisfaction that an individual receives from an economic act. For example, a consumer purchases a hamburger to alleviate hunger pangs and to enjoy a tasty meal.
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Definition of Utility[edit] Utility is a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good. ... Utility may measure how much one enjoys a movie, or the sense of security one gets from buying a deadbolt.
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