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

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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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).
Transcribed Image Text: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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