Q.Write a short note on: Utility

Utility is the want-satisfying power of a commodity or service.

Explanation

Utility means the capacity of a good or service to satisfy a human want. When a commodity satisfies a want, it is said to have utility. For example, medicine has the utility to cure illness and food has the utility to satisfy hunger. Utility is subjective (it varies from person to person), it has nothing to do with usefulness or morality, and it is the basis of demand — a consumer buys a good …