State with reasons whether you agree or disagree with the following st

1.	State with reasons whether you agree or disagree with the following statements:Utility is a psychological term.
Answer» Yes, I agree with this statement. Utility relates to consumer’s mental attitude and experience regarding a given commodity. So utility differs from person to person. The utility of a good cannot be the same for all individuals. This is due to difference in taste, preference, likes and dislikes. E.g. fish has utility to non-vegetarian but not to a pure vegetarian.

State with reasons whether you agree or disagree with the following statements:Utility is a psychological term.

Answer»

Yes, I agree with this statement.

Utility relates to consumer’s mental attitude and experience regarding a given commodity.

So utility differs from person to person.

The utility of a good cannot be the same for all individuals.

This is due to difference in taste, preference, likes and dislikes.

E.g. fish has utility to non-vegetarian but not to a pure vegetarian.