MEANING OF UTILITY:-
The power to satisfy a want. Any commodity or service which can satisfy a human want is said to have utility.
A consumer may desire a unit of good "X" more than that of a unit of good "Y" ,because commodity "X" gives him a more utility.
CARDINAL AND ORDINAL UTILITY:-
The power to satisfy a want. Any commodity or service which can satisfy a human want is said to have utility.
A consumer may desire a unit of good "X" more than that of a unit of good "Y" ,because commodity "X" gives him a more utility.
CARDINAL AND ORDINAL UTILITY:-
The numbers 1,2,3,4,5 etc are called cardinal number.
The numbers 1st, 2nd, 3rd, 4th, 5th etc are ordinal number.
MEASURMENT OF UTILITY:-
The utility is measurment in "utilis". The measurment of utility depends differs from person to person. For the same it differ from time to time. As, such it is not possible to measure directly the utility commodity.
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