Question

what do you mean by utility?Name different concepts of utility​

Answer 1

Answer:

Meaning and Concept of Utility. Utility Definition – It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that a consumer obtains from any good. A utility is a measure of how much one enjoys a movie, favourite food, or other goods.

Explanation:

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Answer 2

Answer:

Utility:

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

Water, electricity, rickshaw, vegetable and textbook have something in common. They have all been used by you, so they have utility. Utility or usability is what makes an object or substance a resource.