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The Concept of Utility

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What does the concept of utility mean to you?

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This solution provides information which explains the concept of utility.

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Hello Student,

In order for you to tell what the concept of utility means to you, you first have to look at the definition of utility. The first time your heard the word 'utility' you probably wondered to yourself what does this word mean. Well from a regular day-to-day perspective, utility is defined in the Oxford Dictionary as "usefulness" or "useful thing." However, from an economic perspective, it is stated that, "for something to have value, it must also have utility, or the capacity to be useful and provide satisfaction." In economic terms ...

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