Question

Answer the following question .
Explain the types of utility.

Answer 1

The following are the different types of utility:

1. Form utility- Increase in utility due to change in shape of good is termed as form utility.
2. Place utility- Increase in utility due to change in the place where it is consumed is called place utility.
3. Time utility- Increase in utility due to change in the time of usage is called time utility.
4. Service utility- When services are rendered to the consumers by service providers or professionals, it is called service utility.
5. Knowledge utility- Increase in utility due to an increased knowledge about a good is known as knowledge utility.