Question

my father purchased a two wheelar vehicle. this helps to fulfil my travel needs​

Answer 1

Answer:

Identification of the concept:- Utility.

Explanation of the concept:-

(a) Utility means usefulness of a commodity. In economics utility refers to capacity or power of a commodity to satisfy human wants.

(b) Concept of utility is subjective phenomenon.

(c) It is only feeling or experience of mind hence it cannot be measured.