Utility - Quality of a good or a service that satisfies our wants.
According to Chapman:
Utility is the want satisfying power of a commodity.
For example - Eating first slice of bread would provide 14 utility, but as we eat second slice utility gained decreases to 10. So the total utility consumed from the Bread is 14+10=24. Utility in simple terms as per in bread example can be termed as Hunger of consumer.
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According to Chapman:
Utility is the want satisfying power of a commodity.
For example - Eating first slice of bread would provide 14 utility, but as we eat second slice utility gained decreases to 10. So the total utility consumed from the Bread is 14+10=24. Utility in simple terms as per in bread example can be termed as Hunger of consumer.
===================================================================== Leave your feedback regarding the post below.
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