Question

The concept of utility was introduced for the first time by

Answer 1

Answer:

Utility in economics was first coined by the noted 18th-century Swiss mathematician Daniel Bernoulli. Since then, economic theory has progressed, leading to various types of economic utility.

Explanation:

The concept of utility was introduced by Stanley Jevons. Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. It differs from person-to-person, place-to-place and time-to-time. It is the ability of a good to satisfy a want.

Within economics, the concept of utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility functionthat represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and is based on choice rather than on the pleasure received, and so is more rigorously specified than the original concept but makes it less useful (and controversial) for ethical decisions.