Subject:M.E

Topic:UTILITY

Q.What do you mean by utility?

ANS:

       Utility is an important concept in economics and game theory, because it represents satisfaction experienced by the consumer of a good. Not coincidentally, a good is something that satisfies human wants and provides utility, for example, to a consumer making a purchase.

Q.What is meant by utility?

ANS:

      .Utility is defined as something that is useful to someone or to the general public. An example of utility is the gas and electric company. utility. something useful to the public, esp. the service of electric power, gas, water, telephone, etc.

Q.What is the purpose of utility theory?

ANS:

       Marginal Utility Theory. Marginal Utility theory examines the increase in satisfaction consumers gain from consuming an extra unit of a good.Utility is an idea that people get a certain level of satisfaction / happiness / utility from consuming goods and service.

Q.What is the purpose of a utility analysis?

ANS:

        Utility analysis refers to the process that describes, predicts and/or explains what determines the usefulness or desirability of decision options, and examines how that information affects decisions.

DIFFERENT ASPECTS OF UTILITY

1. Initial Utility System

"Initial utility system" means a complete operating utility system, including energy efficiency measures and installations within the distractor proposed district, capable of supplying the consumers required to be served by the district at the time of acquisition or construction with all of their existing water or electrical energy needs.

2). What is 'Marginal Utility'

Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. Marginal utility is an important economic concept because economists use it to determine how much of an item a consumer will buy. Positive marginal utility is when the consumption of an additional item increases the total utility. Negative marginal utility is when the consumption of an additional item decreases the total utility.

3). POSITIVE UTILITY:The amount of utility that gives positive satisfication, e.g. when you consume five apples with their total utility being 2 units,this is positive utility.

4)SATIETY:In economics, the point of satiety is defined as the point when the marginal utility of any activity is zero. From this point on, the marginalutility actually turns negative.

5) NEGATIVE UTILITY: Exists when a phenomenon or action causes more harm than good. Whereas positive utility implies beneficence or increased hedonic pleasure, negative utility implies maleficence or decreased satisfaction. A good example of negative utility is the alcoholic who takes a drink. The drink may provide him with massive positive subjective utility but with net negative utility, because the alcohol is destroying his liver (as well as his kidneys and brain). 
Another example of negative utility is the negative attention utility to which almost everyone is subjected when they are exposed to advertisements. 

6). Total Utility:The aggregate level of satisfaction or fulfillment that a consumer receives through the consumption of a specific good or service. Each individual unit of a good or service has its own marginal utility, and the total utility is simply the sum of all the marginal utilities of the individual units. Classical economic theory suggests that all consumers want to get the highest possible level of total utility for the money they spend.

Basic Concepts in Economics

1) Production: Any economic activity

directed towards the satisfaction of

human wants is known as production. The

production of goods and services is

necessary for the existence of an

economy. The level of production in any

economy is the best measure of its

performance, living standards of its

people and the extent of technological

development and growth. It includes both

the manufacturing of material goods as

well as the provision of services. The

production of electrical and electronic

goods, automobiles etc and the work of

teachers, doctors, lawyers etc are all

production in the economic sense.

2) Consumption: The act of satisfying

one’s wants is called consumption. Goods

and services are produced only because

human wants need to be satisfied. No one

will produce if there is no consumption.

The quality and quantity of consumption

reflects the levels of income and

employment in an economy.

3) Investment: Investment is the

addition made to the existing total stock

of capital. The amount to make

investment is coming from saving and

this saving is the unspent income. Income

comes from employment. An economy

can grow only if it saves something from

its present consumption and invests it

again in the production process. It adds to

the productive capacity of an economy.

4) Goods: Anything that can satisfy

human wants is called goods in

economics. While services also satisfy

human wants, the difference is that goods

are tangible and visible but services are

intangible and invisible. Goods can be of

various types. They can be free goods or

economic goods, transferable, private or

public and so on.

Utility: The want satisfying capacity of a

commodity is called its utility or the

power of a commodity to satisfy human

wants is called utility. Utility is subjective

that is it does not lie in the good but is a

function of the consumer’s mind. Utility of

good changes with the change in

conditions and circumstances. There are

three main forms of utility-form utility,

place utility and time utility.

Value: The commodity which has utility

and possesses the condition of scarcity

and transferability, then it has value. For

example air has utility but it is abundant

and a free resource, it has no value in

economic sense. Likewise rotten eggs are

scarce and transferable but possess no

utility, they also don’t have value. A

television since it possesses utility and is

scarce as well as transferable has value.

Price: Value of a commodity expressed in

terms of money is called price. In modern

times, goods are exchanged for money;

the value of a commodity is its price.

Wealth: Anything that has value is called

wealth. In economics; wealth does not

only refer to money, but to all goods that

have value. Wealth includes material

wealth and human wealth (education,

health, knowledge etc)

Income: The amount of money which

wealth yields is known as income. Thus,

wealth is a stock concept while income is

a flow concept. That is wealth is valued at

a particular point of time and income is

measured over a period of time

particularly a year.

ABUSE OF CELL PHONES

  SUBJECT:FRESHMAN ENGLISH

CHAPTER-01 -THE TRAFFIC NIGHTMARE

SUMMARY:

The people living on Beach Road strongly protest due to the traffic problem, which has made their lives miserable. One Beach Road was one-way road but now two-way road has been made here, the load of traffic has also been increased.

These changes were made only last Saturday. These new changes have produced difficulties. Especially the students are facing great difficulties in crossing the roads because there are a number of schools on this road. Parents are also facing problems in picking and dropping there from schools. All the traffic South to North is passing from Beach these days. The residents have to wait a longtime to cross the road.

The Government authorities said that these changes have been introduced to make betterment in the traffic. When they heard the news of protest they paid no attention and expected it could be die down soon. They also refused to install any traffic signals or a Zebra crossing, or an overhead bridge. The Government said that they were monitoring the situation and hoped that the situation would become normal again as the people of this area got used to the new reality.

The committee of the Beach Road associations is arranging a meeting to discover the way o fulfillment of their demands or to press the authorities for the cancellation of these new traffic arrangement.

We will have to wait and see where this situation leads to. The situation is under control and no incident has taken place yet. We hope that problems facing by the residents of Beach Road will be solved soon and peacefully.

Difficult Words

Protest ---------------- disapproval, to object

Squeezed --------------- exert pressure, to force

Hitherto --------------- untile this time, up to now

Inconvenient ----------- causing trouble, difficulty

Inhabitants ------------ person who lives in a place

Monitor ---------------- person or device for checking, watch closely

Install ---------------- place in position

Die down --------------- become fewer

Pedestrian ------------- person who goes on feet

Question and Answers     

Q.1 Why are the residents of Beach Road protesting against the new traffic arrangments?

Ans. The residents of Beach road are protesting against the new traffic arrangements because they were facing great difficulties due to them. This road used to be one-way and there was very light traffic on this road. Now the situation has become completely changed. It has been turned into two-way road and heavy traffic is passing from here.

Q.2 Why are parents and their children facing problems in picking and dropping?

Ans. There are many schools on this road. Parents are facing problems in parking. The students are having great difficulties in parking. The students are getting late for schools. It has also become very risky for the younger students to go to their schools.

  

Q.3 What are the reasons that authorities are not paying any attention to the citizens?

Ans. The authorities do not have any resources to provide any facility to the citizens. They have the opinion that the protest will be die down soon.

Q.4 What are the citizens doing for press there demands?

Ans. The citizens are doing their best to press for their demand. They are conducting meetings, processions, press conferences and sending their delegates to the concerned authorities.

Q.5 What evidence is there to show that the residents of Beach Road are against the new traffic arrangements?

Ans. The residents of Beach Road are against the new traffic arrangements and it is obvious due to their protest against it through holding meetings, processions, press conferences and sending their delegates to the concerned.

Q.6 What do you think the conclusion will be?

Ans. The conclusion will be the same it always happens in developing country like Pakistan. The authorities do no pay any attention to the citizens demands and protest. The officers consider themselves as master and people as their slaves.