Explain the types of utility.
The following are the different types of utility:
- Form utility- Increase in utility due to change in shape of good is termed as form utility.
- Place utility- Increase in utility due to change in the place where it is consumed is called place utility.
- Time utility- Increase in utility due to change in the time of usage is called time utility.
- Service utility- When services are rendered to the consumers by service providers or professionals, it is called service utility.
- Knowledge utility- Increase in utility due to an increased knowledge about a good is known as knowledge utility.
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Solution Explain the Types of Utility. Concept: Types of Utility.