What is Utility?

Answer

Answer-

Utility is defined as the power of a commodity that can satify a want .It is subjective in nature and depends on the mindset of the customer .Utility does not mean usefulness,rather it is expected satisfaction and the actual satisafaction derived is utility.Only the actual consumer can decive utility.It can give same utility,to same consumers at different times .So basically it is want satisfying power of a commodity.

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