A rational consumer will drink water unless its want is satisfied. The term "utility" refers to the overall satisfaction or benefit gained from using a good or service. The Customers will try to maximize their utility, according to a common assumption in economic theories of rational choice.
Understanding the economic utility of a good or service is critical because it has a direct impact on demand and, consequently, price. In practice, consumer utility is typically impossible to assess or quantify. Some economists believe that by employing a variety of models, they can indirectly assess the usefulness of an economic commodity or service.
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