what do you mean by utility with reference to production
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Answer:
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Explanation:
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.
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Answered by
2
Answer:
Utility:
Wants satisfying capacity of goods and services
or
It is the capacity of the good or services to satisfy the consumer
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