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Utility Analysis — Economics STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsEconomicsUtility Analysis4 Marks
Question
Utility and satisfaction are different concepts.
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Answer

Yes, I agree with this statement.
  • Utility is the quality possessed by the commodity before consumption of the goods. It is expected satisfaction.
  • Satisfaction is actual realisation, which is derived after the consumption.
  • Utility is the means and satisfaction is the end result of consumption.
  • Utility is what commodity possesses whereas satisfaction is what we experience after consumption.
  • Utility and satisfaction are synonyms but different concepts.

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