What is maximizing utility?

Answer by  tamarawilhite (17883)

Maximizing utility is getting the most benefit (number of customers, number of transactions, amount of profit) given the minimum of various inputs (time, effort, money, material investment, equipment processing time, labor).

Answer by  elb (1105)

Managers maximize the positive outcomes and minimize costs in business. Maximizing utility means designing something so that it receives maximum use, or its use is as productive as possible.

Answer by  tamarawilhite (17883)

Maximizing utility is to get the most good and output for the least amount of input, whether it is the most product produced for the lowest cost or greatest service level for lowest people hours.