Question

State four main features of utility?​

Answer 1

Explanation:

Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. 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.

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.

Answer 2

Answer:

Utility is psychological

Utility is individual and Relative

Utility cannot be measured objectively

Utility has no moral significance