Question

Define Utility explain types of utilities. ?

Answer 1

Answer:

Utility is an economic term introduced by the noted 18th century Swiss mathematician Daniel Bernoulli referring to the total satisfaction received from consuming a good or service.

Explanation:

It can be divided into two types. these are explained as follows: –  

Total utility: It refers to the total satisfaction obtained from the consumption of all possible units of a commodity.

Marginal utility:

Answer 2

Answer:

The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product. The economic utilities help assess consumer purchase decisions and pinpoint the drivers behind those decisions.

Explanation:

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