Write a note on utility.

Utility of commodities is their want-meeting capacity. It is the basis on which consumers decide their demands for some commodity. The stronger the wish to possess the commodity or the more its requirement, the higher is the utility obtained from that commodity. As it is subjective, different people can obtain different ranges of utility from that same commodity. For example, an individual who is fond of chocolates will obtain greater utility from some chocolate in comparison to an individual who dislikes chocolates. Similarly, utility obtained can differ across individuals depending on the time and place. For example, use of room heaters will provide more utility to someone who is in Ladakh as compared to that person who is in Chennai. Likewise, the room heaters will provide more utility during the winter time as compared to the summer time.