What is meant by the term "utility" and how does it relate to purposeful behavior?© BrainMass Inc. brainmass.com October 16, 2018, 11:41 pm ad1c9bdddf
Utility is any benefit that people derive. It is different than money because we get benefits that are not monetary. For example, the utility of possessing a car is not equal to the cost of the car, or how much time it will save us from traveling fromone place to the other. For some people, the utility of the car might include the status they feel it gives them in society, or in the case of a young teenager, his popularity with his or her peers might be ...
Utility is exemplified.
Marginal utility, demand curves, Elasticity, Regression
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