Saturday, August 4, 2018

Utility

The economic utility is directly proportional to demand.
The power of property of a comodity to satisfy human needs.
For example bread has the power to satisfy hunger as well as water has the power to satisfy thirst.
Utility can also be defined as the want satisfying power of a comodity, but it is not absolute, it is relative.
The utility derived bs a person from a comodity depends on his or her intensity of desire for that comodity.
The greater the need the greater the utility is.
But from the other hand we can say  non -smokers  does not derive a utility from cigarettes or a non veg can derive utility from meat and non veg stuffs.

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