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Define Or Explain the Following Concept: Knowledge Utility - Economics

Short Note

Define or explain the following concept:

Knowledge utility

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Solution

Knowledge utility is the utility derived from acquiring knowledge about a particular product. For instance, the utility derived from a mobile increases, if the consumer has complete knowledge about its functions.

Concept: Types of Utility
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 2 Consumer's Behavior
Exercise | Q 1.2 | Page 16
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