Economy, asked by naumey4Sh7rutyra, 1 year ago

What do you mean by utility

Answers

Answered by neerajvermag11
2
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.
Answered by Samiksha1125
1

Answer:

Utility:

A substance has utility if it can be used in any possible way to satisfy our needs.

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