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Question

Write Short Notes on the following:
Types of Utility or Forms of utility.

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Solution

Types of utilities:

  • Form utility: this utility is derived when you change a form of something into a thing which satisfies your want.
  • Place utility: this utility is derived when you can transport goods from one place to another.
  • Time utility: it is derived by keeping or storing goods over a period of time so that they can be used later.
  • Service utility: it is derived by rendering professional services to consumers.

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