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Utility Analysis — Economics STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsEconomicsUtility Analysis4 Marks
Question
Utility means not usefulness.
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Answer

Yes, I agree with this statement.
Utility indicates the power of a good to satisfy human wants irrespective of whether it is good or bad or harmful. Whereas usefulness means that the commodity is beneficial or desirable. A commodity may have utility but may not be useful e.g., Cigarette is injurious to health. It is not useful but it has utility to a smoker.

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