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Question
What are the important features of utility?
Solution
Utility: Utility is the want satisfying power of a commodity or a service. Features of utility:
- Utility is psychological.
- Utility is not equivalent to usefulness.
- Utility is not the same as pleasure.
- Utility is personal and relative.
- Utility is the function of the intensity of human want.
- Utility is a subjective concept.
- Utility has no ethical or moral significance.
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