what is utility
2 answers
Go to www.google.com and type in "define utility" — let us know what you learn.
It models worth, value, usefulness, and/or satisfaction of something, it could be anything. I'll let you go further on your own with this and research more into this term. To start, take an object, it can be anything. You are trying to find it's utility, was it a good value to you? did it satisfy you? was it useful to you? all these will take part in finding the utility of that object.
I hope this was able to give you a small stepping stone and can help you carry on with it. Utility is big in economics and does not quite have a straight forward definition or answer when you get further into it. If you want further clarification or if you got something different please let me know!!
*My definition was NOT plagiarized and there was no copy, paste involved. This was what I know and what I came up with. At the same time, I ask that you don't copy and paste my definition... So tutors, don't get excited and tell me it's plagiarism ;)
I hope this was able to give you a small stepping stone and can help you carry on with it. Utility is big in economics and does not quite have a straight forward definition or answer when you get further into it. If you want further clarification or if you got something different please let me know!!
*My definition was NOT plagiarized and there was no copy, paste involved. This was what I know and what I came up with. At the same time, I ask that you don't copy and paste my definition... So tutors, don't get excited and tell me it's plagiarism ;)