Explain Place Utility and Time Utility? - Economics

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Explain Place utility and Time utility?

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Solution

Place utility and Time utility:-

When utility of a commodity increases due to the change in the place of utilisation, it is also created with the transfer of goods from the place of production to the place where they are consumed. e.g. Sea sand has more utility in construction work than along the sea shore.

Time utility is created by changing the time of utilization. For instance, certain products can be warehoused from the time of production to the time of consumption. Warehousing services can create time utility.

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2014-2015 (March)

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