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What are the different types of utility?

asked May 26, 2012 by anonymous

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Ans.  The different types of utility are as follows:
(1) Form utility: It is created by changing a form of a material.By changing shape, size, etc., a commodity is made suitable for consumption.For example, conversion of wood into furniture.
(2) Time utility: It is created by supplying the commodities at the right time when they are intensely needed by people. For example, selling preserved crops at high prices during scarcity.
(3) Service utility: It is created by rendering personal services to the clients by various professionals.For example, services of doctors, teachers, etc.
(4) Place utility: It is created by transporting goods from a place of abundance to a place of scarcity.For example, grapes from Nashik are brought to Mumbai.
(5) Knowledge utility: It is obtained by getting knowledge of a particular commodity.For example, after training, an individual finds more utility in computers.
(6) Nature utility: It is obtained by using the goods available freely in the nature.For example, sunshine.
(7) Possession utility: It is obtained by transfer of ownership of goods from one person to another.For example, the buyers enjoy possession utility when they actually buy goods from the retailers.
answered May 26, 2012 by anonymous

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