Q.What are the important features of Utility ?

Utility is the want-satisfying power of a good; it is subjective, relative, ethically neutral and different from usefulness, and depends on the intensity of the want.

In the Tamil Nadu HSC Class-11 Economics syllabus, the features of utility are:

• Want-satisfying power — utility is the capacity of a commodity or service to satisfy a human want. A thing has utility only if it can satisfy some want.
• Subjective / psychological — utility exists in the mind of the consumer; the same good gives different utility to different people, so it cannot be measured in absolute terms exactly.
• Relative concept — the utility of a good changes with time, place and the consumer's mood; for example, a raincoat has more utility in the rainy season.
• Different from usefulness — a good may have utility even if it is not 'useful' in the ordinary sense.
• Ethically neutral (no moral judgement) — utility has nothing to do with whether the good is morally good or bad; even harmful goods such as liquor or cigarettes have utility to those who want them. …