Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsEconomicsUtility Analysis4 Marks
Question
Utility is a subjective concept.
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Answer
Yes, I agree with this statement. It is a psychological concept. It is the mental assessment of a commodity. So utility differs from person to person because of difference in taste, preference, likes and dislikes of a person e.g., Chalks have more utility to a teacher than a student.
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