Question

What are the important features of utility?

Answer 1

Utility: Utility is the want satisfying power of a commodity or a service. Features of utility:

1. Utility is psychological.
2. Utility is not equivalent to usefulness.
3. Utility is not the same as pleasure.
4. Utility is personal and relative.
5. Utility is the function of the intensity of human want.
6. Utility is a subjective concept.
7. Utility has no ethical or moral significance.