Question

What is utility ?!?!??

@kamina tu hi lele xD
@Chimpanzee_ Aa rhi

Ha mujhe v vhi lga but official I'd pr dead likha tha toh doubt huva -_-! ​

Answer 1

Answer:

Utility is a term in economics that refers 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 directly influences the demand, and therefore price, of that good or service.

The utility definition in economics is derived from the concept of usefulness. An economic good yields utility to the extent to which it's useful for satisfying a consumer’s want or need. Various schools of thought differ as to how to model economic utility and measure the usefulness of a good or service. Utility in economics was first coined by the noted 18th-century Swiss mathematician Daniel Bernoulli. Since then, economic theory has progressed, leading to various types of economic utility.