Define Utility. - Economics

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Define utility.

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Solution

Utility is the satisfaction derived from the consumption of a particular good in the market. Let us consider any two bundles. If one is preferred to the other, then the preferred bundle gets assigned a higher utility. If the two bundles are indifferent, then they are assigned the same utility number.

Concept: Meaning of Utility
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2015-2016 (March) All India Set 2
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