Question

define utility ? what are the types of utility​

Answer 1

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

Answer 2

Answer:

Within economics, the concept of utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill.

Explanation:

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