What do you understand by the word ‘utility’?
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Answered by
67
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a service provided for the Public such as gas,water or electricity supply
hope it's helpful_________
a service provided for the Public such as gas,water or electricity supply
hope it's helpful_________
Answered by
48
Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service. The economic utility of a good or service is important to understand because it will directly influence the demand, and therefore price, of that good or service.
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