Learning Contents:                                                              ·          Concept   of Utility ·          Examples of Utility ·          Characteristics of Utility Introduction A consumer is one who decides which goods and services are to be purchased and in what quantity and then to spend the income on goods and services for satisfying the wants. All the consumers consume goods and services directly or indirectly to maximize their satisfaction with the given income. The aim of every rational consumer is to spend the income on different goods and services so as to get maximum satisfaction out of it. A consumer is in equilibrium when he derives maximum satisfaction from the consumption of one or more goods with the given income and price and is in no position to change his consumption pattern. Concept of Utility A feeling of happiness or satisfaction is derived from the consumption of goods and services is called utility. Utility is the capacity o