Business Studies, asked by poojapooj409, 6 months ago

significance of utility approach

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Answered by bhaic1521

0

no interesting butgjdjdhhsbsms

Answered by Anonymous

0

Answer:

Utility theory. bases its beliefs upon individuals' preferences. It is a theory postulated in economics to explain behavior of individuals based on the premise people can consistently rank order their choices depending upon their preferences. ... that seeks to explain the individuals' observed behavior and Choices.

Characteristic of Utility

It is dependent upon human wants.

It is immeasurable.

A utility is subjective.

It depends on knowledge.

Utility depends upon use.

It is subjective.

It depends on ownership.

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