Q.What is meant by Utility?

Utility is one of the most basic ideas in Economics, describing why a good is wanted at all.

Utility is the want-satisfying power of a good or service — the satisfaction a consumer expects from consuming it. It has two important features: it is subjective and relative, varying from person to person and from time to time for the same person, and it is ethically neutral, meaning it is not the same as usefulness or moral worth — a cigarette has utility for a smoker even though it is harmful, and a detective novel has utility for its reader even though it may teach nothing of practical value. Total Utility is the overall satisfaction from a gi …

Students often equate utility with "usefulness" or "goodness," missing that utility is ethically neutral — even a ha …