What do you mean by utility
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Definition: Utility is the economist's way of measuring pleasure or happiness and how it relates to the decisions that people make. Utility measures the benefits (or drawbacks) from consuming a good or service or from working. Although utility is not directly measurable, it can be inferred from the decisions that people make. Utility in economics is usually described by a function, such as the expotential utility function.
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Utility:
A substance has utility if it can be used in any possible way to satisfy our needs.
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