Question

Utility is a relative concept explane with example​

Answer 1

Answer:

Utility is relative concept. ... In economics, utility refers to the “Want satisfying power of a commodity”. For example: - Water has utility because it can satisfy the thirst of a person. Relative concept: - Utility of a commodity changes from time to time and place to place.

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Answer 2

$\sf\pink{Answer}$

$\bf{\underline\red{UTILITIES}}$

•ᴜᴛɪʟɪᴛʏ ɪs ʀᴇʟᴀᴛɪᴠᴇ ᴄᴏɴᴄᴇᴘᴛ. ... ɪɴ ᴇᴄᴏɴᴏᴍɪᴄs, ᴜᴛɪʟɪᴛʏ ʀᴇғᴇʀs ᴛᴏ ᴛʜᴇ “ᴡᴀɴᴛ sᴀᴛɪsғʏɪɴɢ ᴘᴏᴡᴇʀ ᴏғ ᴀ ᴄᴏᴍᴍᴏᴅɪᴛʏ”.

ᴇxᴀᴍᴘʟᴇs

ᴏғ ᴜᴛɪʟɪᴛɪᴇs ᴀʀᴇ ʙʀᴀᴋᴇs, ɢᴀs ᴄᴀᴘs ᴀɴᴅ ᴀ sᴛᴇᴇʀɪɴɢ ᴡʜᴇᴇʟ ɪɴ ᴀ ᴄᴀʀ. ᴇxᴀᴍᴘʟᴇs ᴏғ ᴜᴛɪʟɪᴛɪᴇs ᴀʀᴇ ᴇʟᴇᴄᴛʀɪᴄɪᴛʏ ᴀɴᴅ ᴡᴀᴛᴇʀ.

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