Priya Indian. Neerja Indian. Zira US English. Oliver British. Wendy British. Fred US English. Tessa South African. How to say utility in sign language? Examples of utility in a Sentence Greg Sullivan : And because they couldn't do that, they had to let the deadline slip with the utility companies. Bob Skarphol : If you're someone who's living month to month on oil revenue, a drop like that is very significant and can force you to choose what not to pay - do you not pay your utility bill, do you not buy your drugs, do you not buy food?
Curt Davis : We wanted to test these deep learning methods on a realistic, real-world image analysis problem to critically assess their utility and potential impact, the results were much better than we anticipated. Louise Sunderland : Since a lot has changed, but more than 12 million households [ in Earth Europe ] were [ already ] in arrears with their utility bills.
Aman Brar : Take that utility player approach, companies are dealing with so much uncertainty. Popularity rank by frequency of use utility 1 Select another language:. Please enter your email address: Subscribe. Discuss these utility definitions with the community: 0 Comments. Notify me of new comments via email. Cancel Report. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility.
The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service.
In practice, a consumer's utility is impossible to measure and quantify. However, some economists believe that they can indirectly estimate what is the utility for an economic good or service by employing various models. The utility definition in economics is derived from the concept of usefulness.
Various schools of thought differ as to how to model economic utility and measure the usefulness of a good or service. Utility in economics was first coined by the noted 18th-century Swiss mathematician Daniel Bernoulli. Since then, economic theory has progressed, leading to various types of economic utility.
Early economists of the Spanish Scholastic tradition of the s and s described the economic value of goods as deriving directly from this property of usefulness and based their theories of prices and monetary exchanges. This conception of utility was not quantified, but a qualitative property of an economic good.
Later economists, particularly those of the Austrian School , developed this idea into an ordinal theory of utility, or the idea that individuals could order or rank the usefulness of various discrete units of economic goods. Austrian economist Carl Menger, in a discovery known as the marginal revolution , used this type of framework to help him resolve the diamond-water paradox that had vexed many previous economists.
Because the first available units of any economic good will be put to the most highly valued uses, and subsequent units go to lower-valued uses, this ordinal theory of utility is useful for explaining the law of diminishing marginal utility and fundamental economic laws of supply and demand. To Bernoulli and other economists, utility is modeled as a quantifiable or cardinal property of the economic goods that a person consumes. The concept of a measurable util makes it possible to treat economic theory and relationships using mathematical symbols and calculations.
If, for example, an individual judges that a piece of pizza will yield 10 utils and that a bowl of pasta will yield 12 utils, that individual will know that eating the pasta will be more satisfying. For the producers of pizza and pasta, knowing that the average bowl of pasta will yield two additional utils will help them price pasta slightly higher than pizza.
Additionally, utils can decrease as the number of products or services consumed increases. The first slice of pizza may yield 10 utils, but as more pizza is consumed, the utils may decrease as people become full. This process will help consumers understand how to maximize their utility by allocating their money between multiple types of goods and services as well as help companies understand how to structure tiered pricing.
Economic utility can be estimated by observing a consumer's choice between similar products. Outsets and onsets! The biggest financial worries are mortgages followed by utility bills. Utilities say they've been deluged by people who are having trouble paying their bills. For several years utilities that provide drinking water have kept emergency pumps on standby. Society - general words.
The utility of this substance has been proven in a series of tests. Under such conditions , a common medium of exchange would have no utility at all. Goals and purposes. Jones is a utility infielder , a strong player at every position.
He functioned as England's utility batsman , the man who could be relied upon to plug any hole in any crisis. See also utility player. I recommend this innovative utility tool that can handle all sorts of cutting projects. See also utility knife. She wore an outdoorsy utility jacket but somehow managed to make farming look chic. After the war material and good design were in short supply and the country produced what was called utility clothing. It was a student's room with utility furniture and posters on the walls.
You can also find related words, phrases, and synonyms in the topics: Useful or advantageous. We are a natural gas utility serving over a million customers in the Michigan area. With energy consumption rising , many public utilities are struggling to meet peak-time demand. You've never had to pay house payments or utilities. An appointive board of public service consists of a president and four directors of divisions, public welfare, public safety, public utilities , and streets and sewers.
There is a city court with elected judge or judges, and an elected common council, which may authorize the municipal ownership of public utilities by ordinance, and can pass legislation over the mayor's veto by a two-thirds vote. Other administrative officers are a commissioner of insurance from to the secretary of the state was commissioner of insurance; the office became elective in ; a commissioner of labour and industrial statistics; three railroad commissioners,3 who have jurisdiction over all public utilities , including telegraph and telephone; a commissioner of banking; a diary and food commissioner; a state superintendent of public property; three tax commissioners who act since as a state board of assessment; commissioners of fisheries established ; a state board of agriculture ; and a state board of forestry , succeeding a department created in
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