write a note on the utility
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Utility is the quality in goods to satisfy human wants. Thus, it is said that “Wants satisfying capacity of goods or services is called Utility.”
utility is measured in terms of money and it is relative. There is difference between utility and usefulness. A useful commodity may not here utility of goods depend upon the intensity of wants.
A consumer buys or demands a particular commodity he derives some benefit from its use. He feels that his given want is satisfied by the use or consumption of the commodity purchased. Utility is the basis of consumer demand. A consumer thinks about his demand for a commodity on the basis of utility derived from the commodity.
Utility depends upon the intensity of want. When a want is unsatisfied or more intense, there is a greater urge to demand a particular commodity which satisfies a given want. In modern time utility has been called as ‘expected satisfaction.’ Expected satisfaction may be less or equal to or more than the real satisfaction.
The following are the important characteristic features of utility:
1. Utility has no Ethical or Moral Significance
2. Utility is Psychological
3. Utility is always Individual and Relative
4. Utility is not Necessarily Equated with Usefulness
5. Utility cannot be Measured Objectively
6. Utility Depends on the Intensity of Want.
utility is measured in terms of money and it is relative. There is difference between utility and usefulness. A useful commodity may not here utility of goods depend upon the intensity of wants.
A consumer buys or demands a particular commodity he derives some benefit from its use. He feels that his given want is satisfied by the use or consumption of the commodity purchased. Utility is the basis of consumer demand. A consumer thinks about his demand for a commodity on the basis of utility derived from the commodity.
Utility depends upon the intensity of want. When a want is unsatisfied or more intense, there is a greater urge to demand a particular commodity which satisfies a given want. In modern time utility has been called as ‘expected satisfaction.’ Expected satisfaction may be less or equal to or more than the real satisfaction.
The following are the important characteristic features of utility:
1. Utility has no Ethical or Moral Significance
2. Utility is Psychological
3. Utility is always Individual and Relative
4. Utility is not Necessarily Equated with Usefulness
5. Utility cannot be Measured Objectively
6. Utility Depends on the Intensity of Want.
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meaning of utility.... the simple meaning of utility is usefulness.Uility is the quality of goods to satisfy human wants thus it is said that want satisfying capacity of goods or services called utility.
Characteristics of utility.......
Utility has no ethical and moral significance Utilities r psychological.
Utilities always individual and relative.
Utility is not necessary equated with usefulness.
Utility can not be measured objectively.
Utility depends on the intensity of want.
Utility has four types...
form utility
place utility
time utility and
service utility
hope it will help you please mark it as brainleist.........
Characteristics of utility.......
Utility has no ethical and moral significance Utilities r psychological.
Utilities always individual and relative.
Utility is not necessary equated with usefulness.
Utility can not be measured objectively.
Utility depends on the intensity of want.
Utility has four types...
form utility
place utility
time utility and
service utility
hope it will help you please mark it as brainleist.........
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