GENERAL KNOWLEDGE

Detailed explanation-1: -utility. describes the characteristics of a product that satisfy wants and needs. examples of utility. form: smartphones are designed to be ergonomic, compatible w popular apps, and have high enough capacity to be useful. place: shopping malls make a wide variety of stores available in one location.

Detailed explanation-2: -“Quality is the degree to which a specific product satisfies the wants of a specific consumer.” (H. L.

Detailed explanation-3: -Utility refers to the total satisfaction or value that you get from consuming a particular product or service. Utility values are critical for determining why different goods have different costs and levels of demand. Products with higher utility usually have more demand, meaning they can command higher prices.

Detailed explanation-4: -Utility is the power of commodity which a consumer expects before consuming a commodity. But satisfaction is something which he realise after consuming it. Different from pleasure:-A commodity may have utility but need not give pleasure. For ex: Bitter medicine does not give pleasure.

Detailed explanation-5: -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.