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Identify and explain the concept from the given illustration: Lalita satisfied her want of writing on essay by using pen and notebook. - Economics

Short Note

Identify and explain the concept from the given illustration:

Lalita satisfied her want of writing an essay by using pen and notebook.

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Solution

Concept: Utility

Explanation:

The utility is the capacity of a commodity to satisfy human wants. In other words, the utility is the want satisfying power of a good.
Pen and notebook have utility to satisfy Lalita's want an essay.
Thus the concept is utility.

Concept: Utility Analysis
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 2 Utility Analysis
Exercise | Q 3. (5) | Page 16
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