Meaning of utility: Stanley was the first economist who conceived the concept of "Utility". Like other economists, Jevons was confronted with the problem of determining the fundamental basis of demand and came to the conclusion that it is the ability of a commodity to satisfy a demand that constitutes the basis for demand. It is the want satisfying power of a commodity or a service which determines the demand for commodity. Jevons called this as "Utility". This concept called, "Utility" is subjective and introspective. It depends upon the mental attitude and emotions of the consumer. It has no physical or material existence. It cannot be equated with "usefulness". A commodity may not be useful, but it may have utility for a particular person. This term carries no moral or legal significance.
Micro economics assignment help: Sometimes, the students may be in a position to submit their assignments by answering the following questions and problems in regard to topics in microeconomics as mentioned above:
- Analyze the practical importance of the Law of diminishing marginal utility.
- Illustrate briefly the law of equi-marginal utility.
- Do you agree with the statement that the Principle of diminishing marginal utility and diminishing marginal rate of substitution mean the same thing?.
- Do you agree that "It is the want satisfying power of a commodity or a service which determines the demand for commodity"? Explain the meaning of utility and justify your answers in clear terms.
- (a) "Economics is a science of wealth; and (b) Economics is a science that studies human behavior as a relationship between "ends" and "scarce means" having alternative uses. Which one of the two definitions is acceptable to you and why?
The above are some illustrative examples of questions for assignment submission in micro economics. While submitting the assignments the following guidelines are to be taken care of:
- Whether the assignment has been submitted within the permitted word limits?
- Whether the assignment has been checked for correct spelling?
- Whether the assignment has been checked for correct grammar?
- Whether the assignment has been properly introduced by mentioning the aim, scope, methodology etc. (if required)?
- Whether the assignment has been written using different subheads wherever necessary?
- Whether the assignment contains the relevant answers?
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