InterviewSolution
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InterviewSolution
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State with reasons whether you agree or disagree with the following statements:Utility depends on urgency of want Or Utility depends upon intensity of want. |
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Answer» Yes, I agree with this statement. Utility for a commodity is dependent on the intensity of need for that commodity. If a want is very intense or urgent for the commodity concerned then he will find more utility from the commodity. As the intensity of want falls, its utility diminishes. For example first slice of bread will give more utility to a hungry person than the 2nd or 3rd slice of bread. Books have more utility to students just before exams and no utility after the exams. |
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