i) What is the medium used to fulfill various utilities is?
Answers
Explanation:
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Answer:
Meaning of Utility:
The simple meaning of ‘utility’ is ‘usefulness’. In economics utility is the capacity of a commodity to satisfy human wants.
Example ;
When a consumer purchases or demands a specific commodity, he derives some benefit from its use. He believes that the use or consumption of the purchased commodity satisfies his stated desire. Consumer demand is based on utility. A consumer considers his demand for a commodity based on the utility derived from the commodity.
- The intensity of desire determines utility. When a desire is unsatisfied or intensifies, there is a greater desire to demand a specific commodity that satisfies that desire. Utility is now referred to as 'expected satisfaction.' The expected satisfaction may be less, equal, or greater than the actual satisfaction.
The following are the important characteristic features of utility:
- 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
- Utility is Different from Pleasure
- Utility is also Distinct from Satisfaction
Types of utilities
- Form utility
- Place utility
- Time utility
- Service utility
How to fullfill customer utility?
Economy utility can be defined as the total amount of satisfaction that someone experiences when they consume a particular product or service. It helps measure how much fulfillment someone requires in order to satisfy a particular need or want.
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