Utility in Economics
In economics utility is the satisfaction or benefit derived by consuming a product. Founded in 1925 as the Journal of Land and Public Utility Economics the publication features research related to environmental quality natural resources housing urban and rural land use transportation and other areas in both developed and developing country contexts. Flipping Economics Utility Infographic Infographic Economics Utilities 685 Vasileios Bougioukos London South Bank University UK. . The concept implies that the utility or benefit to a consumer of an additional unit of a product is inversely related to the number of units of that product he already owns. 433 Tom Coupé University of Canterbury New Zeland. Volume 14 Number 2. That will cause the marginal utility of oranges to rise. Assume that an individual consumes five units of a commodity X at a given period of time and derives utility out of the consumption of each unit as u1