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| 1. |
What is utility? |
| Answer» Utility means the satisfaction which a consumer receives from the consumption of goods.<br>Want satisfying power of a commodity....<br>It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that a consumer obtains from any good.\xa0A utility is a measure of how much one enjoys a movie, favourite food, or other goods. It varies with the amount of desire.<br>Utility value of goods means inherent capacity of goods & services to satisfy human wants.... | |