Explain The Features Of Utility With Examples Hello friends,in today’s article we will talk about utility concept.In reality, each & every person makes an effort to fulfill his desires using the resources at hand.
It is true that no human need can be completely met at any one moment.A consumer’s behavior in regard to maximizing satisfaction is explained by utility analysis.
Table of Contents
Explain The Features Of Utility With Examples.
1) Utility Is A Relative Term:
It has to do with location and time. The same commodity’s utility varies as time and location change.
Summertime is a better time to use cold drinks than wintertime. Kashmir is a more useful place for woolen clothing than Mumbai.
2) Utility Depends On The Intensity Of Want:
The usefulness will increase with the urgency or intensity of the desire.For Example, books are most useful to students right before tests and are useless afterward.
3) Utility Differs From Usefulness:
Utility is the ability of a good to satiate human needs regardless of whether those needs are beneficial or detrimental.On the other hand, utility denotes the desirable or advantageous nature of the good. A commodity may be beneficial or useless।
For Example, cigarettes are bad for your health. Although it is useless, a smoker may find it handy.
4) Utility Cannot Be Measured :
Utility is a subjective and psychological concept. It is not tangible. Therefore, it cannot be quantified or measured cardinally. Only an ordinal expression will do.
For Example, the first slice of bread will be far more useful to someone who is extremely hungry than the second. Marshall, however, believes that utility can be quantified cardinally.
5) Utility Differs From Satisfaction:
While satisfaction and utility are related, they are not the same. Prior to using a commodity, utility is defined as expected satisfaction; in contrast, satisfaction is the actual realization that occurs after consumption.
6) Utility Is Not The Same As Pleasure:
A useful good might not always bring the user pleasure; For Example, nobody likes to take bitter medication or receive an injection.
7)Ethically Neutral or Utility Has No Moral Significance :
The concept of utility lacks moral depth. A useful commodity can fulfill the desires of the good, the bad, the moral, or the immoral.
For Example, a knife can be used by a housewife to cut vegetables or by an assassin to attack someone.
8) Utility Is The Basis Of Demand:
Only commodities that are useful will be demanded by consumers. Demand therefore stems from utility. It will not be desired to have rotten eggs because they are useless.
9) Utility Can Be Multipurpose:
Utility varies based on the intended application. For example, using electricity for cooking, washing, ironing, and lighting
10) Utility Is A Subjective Concept
It is a notion from psychology. Each has a different definition of utility. Differences in nature, habits, career, likes, dislikes, and tastes are the cause of this. A stethoscope, for instance, is useful to doctors but not to laypeople.
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Nice Explanation