Utility, Managerial Economics

Utility

Utility is the amount of satisfaction derived from the consumption of a commodity or service at a particular time.  Utility is not inherent but a psychological satisfaction, i.e. depends on the individual's own subjective estimate of the amount of satisfaction to be obtained from the consumption of the commodity.

Posted Date: 11/27/2012 5:07:53 AM | Location : United States







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