Question

What are the characteristics of utility?

Answer 1

Utility and Satisfaction. There are different levels of utility. It is the inner characteristics of a product by which it can satisfy human wants, whereas satisfaction is achieved after the product is used.Aug 6, 2014

Answer 2

The characteristics of utility are as follows:

1. No moral and ethical significance: Any commodity which has utility can or cannot have any moral or ethical significance. Example: A same knife can be used by a housewife or by a killer.

2. Subjective: Utility is subjective in nature. It means that it varies from person to person and depends upon consumer's attitude and perception about that particular commodity.

3. Relative in nature: Utility of the same commodity can be varied depending upon the situation in relation to the time and place. Example: Utility from the woolen clothes in winter will be more as compared to summers.

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