What is utility?
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Utility of goods is their want-satisfying capability. More is the aspiration to have the goods, the more is the utility procured from them. Utility is instinctive. Distinct people can get different degrees of utility from the same goods. For instance, someone who likes sweets will get much higher utility from a sweet than someone who doesn’t like sweets.
The utility that an individual obtains from the goods can differ with the change in location and time. For instance, utility from the use of an air conditioner certainly relies upon whether the person is in Srinagar or Jaipur (location) or whether it is winter or summer (season).
In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service.
: a service (such as light, power, or water) provided by a public utility. (2) : equipment or a piece of equipment to provide such service or a comparable service. 4. : a program or routine designed to perform or facilitate especially routine operations (such as copying files or editing text) on a comp