Question

State any two features of Utility economics​

Answer 1

Answer :

☆ Features of Utility are:

• Utility is psychological: It depends on the mental attitude and assessment of the person consuming the commodity and also his likes and dislikes.

• Utility is individual and Relative: It differs from person-to-person, place-to-place and time-to-time.

• Utility cannot be measured objectively: It is a feeling and thus cannot be measured in numerical terms.

• Utility has no moral significance: It satisfies any want, moral, immoral, right or wrong.

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Answer 2

Answer:

Characteristics of Utility are: Utility is psychological: It depends on the mental attitude and assessment of the person consuming the commodity and also his likes and dislikes.