What do you mean by utility? Write the concepts of utility.

1.	What do you mean by utility? Write the concepts of utility.
Answer» Utility means 'Want satisfying power of a commodity or the capacity of a commodity to satisfy a particular want of consumer. Every commodity has some inherent want satisfying capacity. Utility is the relative word. Although liqor is expensive still demand is there. In the words of Frazer, “Utility is simply desiredness.” Even immoral and anti-social acts are of utility to some person. If the demand for a particular goods greater will be utility obtained by the consumer with the consumption of that goods. As consumer continues to consume more units of a particular goods his intensity of consumption for that goods decreases.

Answer»

Utility means 'Want satisfying power of a commodity or the capacity of a commodity to satisfy a particular want of consumer. Every commodity has some inherent want satisfying capacity. Utility is the relative word. Although liqor is expensive still demand is there.

In the words of Frazer, “Utility is simply desiredness.” Even immoral and anti-social acts are of utility to some person. If the demand for a particular goods greater will be utility obtained by the consumer with the consumption of that goods. As consumer continues to consume more units of a particular goods his intensity of consumption for that goods decreases.

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