Question

Utility is a subjective concept, give the reason.

Answer 1

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$\huge\boxed{Answer}$________✌✌

♠️Subjective concept - Utility refers to the satisfaction that a consumer expects to derive from the consumption of a particular good. It is a subjective concept as it varies from person to person and from time to time. ... This implies that a commodity may provide utility even when it is socially undesirable.

Answer 2

Answer:

Utility is a subjective measure of pleasure or satisfaction, depending on the preferences of each individual.

• Utility refers to the degree of discomfort removed or the perceived satisfaction an individual receives from an economic act. For example, a consumer buys an apple to relieve hunger pangs and enjoy a delicious meal.
• A commodity's value is always subjective, as it depends on both the consumer and the service. It is the consumer's emotional happiness and is therefore internal and not external.