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Utility Analysis — Economics STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsEconomicsUtility Analysis4 Marks
Question
Utility is a psychological term.
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Answer

Yes, I agree with this statement.
  • Utility relates to consumer’s mental attitude and experience regarding a given commodity.
  • So utility differs from person to person.
  • The utility of a good cannot be the same for all individuals.
  • This is due to difference in taste, preference, likes and dislikes.
  • E.g. fish has utility to non-vegetarian but not to a pure vegetarian.

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