Defination:- It denotes the want satusfying power of a commodity or service.
Meaning:- It is a measure of satisfaction a consumer receives from consumption of a commodity.
A utility can be explained as how much a person enjoy a movie, favourite clothes, favourite food and many more.
If a commodity is harmful but it satisfies a want, it possess utility.
Eg:- Wine or Cigarette.
* Utility is subjective and not objective.
Because it has the psychological. feeling of being satisfied from a commodity.
* Utility depends on the intensity of desire for them.
It depends as how much intensity of desire a consumer has for a particular product in his mind. Eg:- Desireness to watch a movie.
* Utility refers to the satisfaction expected from a product and satisfaction obtained from them. Eg:- A person is planning to go
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