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.
Maharashtra Board Class 12 Solutions for Economics Chapter 2 Utility Analysis - PDF will be uploaded soon
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.