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Bookmark or Share- Utility - WikipediaIn economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world. Over time, the term has been used in at least two different meanings. In a normative context, utility refers to a goal or objective that we wish to maximize, i.e. an objective function.
- 7.1 The Concept of Utility – Principles of EconomicsDefine what economists mean by utility. Distinguish between the concepts of total utility and marginal utility. State the law of diminishing marginal utility and illustrate it graphically. State, explain, and illustrate algebraically the utility-maximizing condition.
- Utility Definition & Meaning - Merriam-Webster1. : fitness for some purpose or worth to some end. 2. : something useful or designed for use. 3. a. : public utility. b (1) : a service (such as light, power, or water) provided by a public utility.
- UTILITY | English meaning - Cambridge Dictionaryutility noun (PUBLIC SERVICE) [ C ] a supply of gas, electricity, water, or telephone service to homes and businesses, or a business that supplies such services: a utility bill. After I call the movers, I’ll call to have the utilities turned on.
- Introduction to utility (video) | Khan AcademyThe concept of "utility" in economics essentially measures the usefulness or value of something. Economists attempt to quantify utility in various ways. Here, Sal Khan uses the example of scoops of ice cream to illustrate concepts like total utility and marginal utility.
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