Answer: Prior to being crowned King of England, what country was James I King of Scotland.
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The principle of Utility states that an action then may be said to be conformable to the principle of utility, or, for shortness sake, to utility, (meaning with respect to the community at large) when the tendency it has to augment the happiness of the community is greater than any it has to diminish it.
The idea that "it is the greatest happiness of the greatest number that is the measure of right and evil" is what Bentham referred to as the "basic premise" of his philosophy. He rose to prominence as a key figure in Anglo-American philosophy of law and as a political radical whose ideas helped shape welfarism. He supported freedoms of the individual and the economy, the division of religion and state, freedom of speech, the equality of women, the right to divorce.
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<span>Products that customers consider essentials or necessities tend to have less elasticity than products viewed as luxury or discretionary. If a customer believes he needs a certain product for survival, quality of life, or pleasure, he is more likely to stretch a bit to purchase the item if the price goes up. On the contrary, a product viewed as optional is a less likely purchase as the price increases because the customer believes he can live without it.Customer OptionsThe more options a customer has to meet a particular functional or emotional need, the more elastic a product's demand. This is why a company with a monopoly has a huge advantage. Customers don't have options and feel compelled to buy from the given provider. In highly competitive industries, price differentials are usually less among competing brands because of the ability customers have to select lower-priced alternatives. A closely related factor is the cost of switching brands. Cell phone customers often wait to change providers to avoid penalties if they are obligated to service contracts.
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