Maharashtra Board Class 12 Solutions for Economics Chapter 2 Utility Analysis – Download Free PDF with Solution
The utility of a commodity determines its price. This is one of the concepts taught in the Class 12 Economics Chapter 2 Utility Analysis. This chapter also introduces students to the features of utility and how to analyze it.
To understand the basic and advanced concepts of this chapter, students can refer to the Solutions prepared by the experts for the Utility Analysis in Economics Class 12. These Solutions have been prepared following the Class 12 Maharashtra Board standards so that you can relate to the syllabus and find convenience in preparing this chapter well.
Last updated date: 25th Sep 2023
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Importance of Maharashtra Board Class 12 Economics Chapter 2 Utility Analysis
This chapter introduces the concept of utility that every commodity has. In fact, a commodity is designed based on a particular set of utilities. It is the utility that we pay the price for and use the commodity for.
In this chapter, you will learn how the utilities of a commodity satisfy a user and how its price is determined accordingly. The feature of utility will also be explained in detail with proper explanation. Students will be able to correlate to these concepts as they will have real-life examples to understand them.
On proceeding further, Utility Analysis in Economics Class 12 will explain the different types of utilities defined by Economics. The types vary based on the form, place of use, service, knowledge, time, possession, etc. It will also explain what marginal and total utility is. The correlation between marginal and total utility will be explained showing how both are interrelated and how the values change.
The laws and fundamental principles related to this concept will be explained with all the related factors and terms. There are exceptions to these laws that do not follow the thumb rule. Students will find these concepts easier to understand when they follow Utility Analysis Solutions prepared by the Vedantu experts.
Benefits of Maharashtra Board Class 12 Economics Solutions Chapter 2 Utility Analysis
These Solutions are compiled following the specific guidelines of the education board. The experts have focused on the topics and concepts of this chapter and explained them in a simpler version.
This simpler version will enable you to grab the concepts and prepare this chapter well. You will also be able to use the easy format of these Solutions to memorize and recall the concepts accurately.
The answers to all the Utility Analysis in Economics Class 12 exercise questions will also help you to increase your knowledge. Follow how the experts have solved the questions and sharpen your answering skills.
Use the Solutions to revise and find out where you need to concentrate more. In this way, you can fortify your preparation level and score well in the exams.
Download Class 12 Economics Chapter 2 Solutions PDF
The solutions for this chapter can be availed for free in PDF format from Vedantu's website. Download the files today and refer to them when you are studying this chapter. Make your study sessions more productive and gain more insights related to the fundamental principles of utility analysis.
FAQs on Maharashtra Board Class 12 Solutions for Economics Chapter 2 Utility Analysis
1. How can you define the utility of a commodity?
The utility of a commodity can be defined by its specific use with respect to time, place, service, possession, etc. The factors are determined based on the utility of a commodity.
2. What is the significance of the diminishing marginal utility (DMU) law?
The DMU law has immense significance in determining the maximum satisfaction of users. The government can use it to define and design policies. It is also the base on which the law of demand is designed.
3. What are the exceptions to DMU law?
The exceptions of the DMU law are hobbies, music, reading, money, power, etc.
4. Why should we study utility analysis?
Utility analysis in Economics is studied to gain information regarding the quantitative value of a commodity based on its uses.
5. What is a commodity?
An economic good used to serve particular purposes is called a commodity.