ICSE Class 10 Answered
What do you understand by utility with reference to production?
Asked by aniketnonia150 | 09 Apr, 2023, 01:04: PM
Expert Answer
- Utility is a measure of satisfaction an individual gets from the consumption of the commodities. It is a measurement of usefulness that a consumer obtains from any good.
- Customers make every effort to make reasonable product selections in order to maximize usefulness. The same things might serve diverse purposes for different persons.
- An individual who enjoys fast food, for instance, will get more value out of a burger than an individual who does not.
- Additionally, usefulness changes depending on the time and place. For instance, a room heater’s usefulness will depend on whether it is used in Kashmir or Cochin and if it is summer or winter.
Answered by Sheetal Kolte | 10 Apr, 2023, 12:15: PM
ICSE 10 - Economics
Asked by aniketnonia150 | 09 Apr, 2023, 01:04: PM
ANSWERED BY EXPERT
