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In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function.
A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and regulation ranging from local community-based groups to statewide government monopolies .
Rank Entity State Class of ownership Parent Number of customers Sales (MWh) Revenue ($1,000 ) Average retail price/kWh) 1: Pacific Gas & Electric: CA: Investor owned
Companies portal; Public utilities (just "utilities" in British English) are typically defined as companies that supply what are considered basic (essential) services to homes and businesses, such as electricity, gas, waste disposal, water and sewer connections, where competition is very limited.
Diminishing marginal utility is traditionally a microeconomic concept and often holds for an individual, although the marginal utility of a good or service might be increasing as well. For example, dosages of antibiotics, where having too few pills would leave bacteria with greater resistance, but a full supply could affect a cure. [18]
A utility function is considered to be measurable, if the strength of preference or intensity of liking of a good or service is determined with precision by the use of some objective criteria. For example, suppose that eating an apple gives to a person exactly half the pleasure of that of eating an orange.
An electric utility, or a power company, is a company in the electric power industry (often a public utility) that engages in electricity generation and distribution of electricity for sale generally in a regulated market. [1] The electrical utility industry is a major provider of energy in most countries.