What is the economic definition of utility?
Added by Peter C.
Step 1
In economics, utility refers to the satisfaction or benefit that a consumer receives from consuming a good or service. Show more…
Show all steps
Your feedback will help us improve your experience
Haricharan Gupta and 99 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Explain the meaning of utility. What is the difference between total utility and marginal utility? Explain the law of diminishing marginal utility and give a numerical example.
what is economics
Jennifer S.
What is meant by "supply-side economics"?
Fiscal Policy
The Effects of Fiscal Policy in the Long Run
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD