Mention the meaning and characteristics of utilities.

1.	Mention the meaning and characteristics of utilities.
Answer» Utility means – The capacity of a commodity to satisfy a particular want of consumer. Every commodity has some inherent want satisfying capacity. Characteristics of utility : (1) Utility is a psychological phenol menon. It depends upon the mental status of the consumer. (2) Utility is subjective which differs from person to person. Utility of a particular goods is not same for all consumers. (3) Utility is a relative concept because it changes from time and place. (4) Utility is related the expected satisfaction and not from actual realized satisfaction because expected satisfaction depends upon intensity of consumption.

Answer»

Utility means – The capacity of a commodity to satisfy a particular want of consumer. Every commodity has some inherent want satisfying capacity. Characteristics of utility :

(1) Utility is a psychological phenol menon. It depends upon the mental status of the consumer.

(2) Utility is subjective which differs from person to person. Utility of a particular goods is not same for all consumers.

(3) Utility is a relative concept because it changes from time and place.

(4) Utility is related the expected satisfaction and not from actual realized satisfaction because expected satisfaction depends upon intensity of consumption.

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