Identify three (3) “utility” in the dentistry field. Explain the significance of your Knowledge on it. What is Utility?The power of goods and services to satisfy wants. It refers to "thepleasure or satisfaction associated with having, using, consuming, orbenefiting from goods or services.The quality of the product or service is primarily responsible for its powerto satisfy wants.Causes and sources of utility: pride, power, pleasure, comfort, ease ofUSe.A good that may satisfy a person may not necessarily satisfy another. (A nice-looking toy may satisfy a boy but not an adult person. The toyhas a utility to the boy but not to the adult).A product or service may satisfy two different persons but the level ofsatisfaction will also be different. (A piece of ripe banana, maybesatisfying for Pedro but only partially satisfying for Juan).A thing that possesses a want- gratifying quality may not possess utilityif it is not capable of being used. ( Shrimps in the river are useful in thesense that they can satisfy our want for food, but they have no utilityuntil they are caught).The utility of a certain good varies from person to person. ( A book,may have utility to a person but not to one who cannot read).

Indifference Curve refers to the curves that represent combinations of two goods or services of an…

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Identify three (3) “utility” in the dentistry field. Explain the significance of your Knowledge on it.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

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Question

Identify three (3) “utility” in the dentistry field. Explain the significance of your Knowledge on it.

What is Utility?
The power of goods and services to satisfy wants. It refers to "the
pleasure or satisfaction associated with having, using, consuming, or
benefiting from goods or services.
The quality of the product or service is primarily responsible for its power
to satisfy wants.
Causes and sources of utility: pride, power, pleasure, comfort, ease of
USe.
A good that may satisfy a person may not necessarily satisfy another. (
A nice-looking toy may satisfy a boy but not an adult person. The toy
has a utility to the boy but not to the adult).
A product or service may satisfy two different persons but the level of
satisfaction will also be different. (A piece of ripe banana, maybe
satisfying for Pedro but only partially satisfying for Juan).
A thing that possesses a want- gratifying quality may not possess utility
if it is not capable of being used. ( Shrimps in the river are useful in the
sense that they can satisfy our want for food, but they have no utility
until they are caught).
The utility of a certain good varies from person to person. ( A book,
may have utility to a person but not to one who cannot read).

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