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Question: Explain what utility is in economics and provide a real world example
Asked by gladoroth3000
Utility in economics is a measure of satisfaction that a consumer receives from consuming a good or service. It is essentially a measure of the usefulness of a good or service. An example of utility in economics is a customer buying a cup of coffee. The customer receives a certain amount of satisfaction from drinking the coffee and this level of satisfaction is the customer's utility from consuming the good.
Answered by text-davinci-003
Jan. 11, 2023, 5:39 p.m.
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