What is meant by the term …
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Posted by Shourya Yadav 5 years, 1 month ago
- 4 answers
Nitesh Kumar 5 years, 1 month ago
Meghna Thapar 5 years, 1 month ago
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service. In practice, a consumer's utility is impossible to measure and quantify. However, some economists believe that they can indirectly estimate what is the utility for an economic good or service by employing various models.
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Sarita Yadav 5 years, 1 month ago
1Thank You